On January 1, NewTune Company exchanges 17,949 shares of its common stock for all of the outstanding shares of On-the-Go, Incorporated. Each of NewTunes shares has a $4 par value and a $50 fair value. The fair value of the stock exchanged in the acquisition was considered equal to On-the-Gos fair value. NewTune also paid $23,500 in stock registration and issuance costs in connection with the merger.

Several of On-the-Gos accounts fair values differ from their book values on this date (credit balances in parentheses):

Items	Book Values	Fair Values
Receivables	$ 35,250	$ 29,150
Trademarks	102,500	255,500
Record music catalog	80,000	267,500
In-process research and development	0	223,500
Notes payable	(66,250)	(56,900)

Precombination book values for the two companies are as follows:

Items	NewTune	On-the-Go
Cash	$ 74,000	$ 30,000
Receivables	128,000	35,250
Trademarks	411,000	102,500
Record music catalog	928,000	80,000
Equipment (net)	379,000	166,000
Totals	$ 1,920,000	$ 413,750
Accounts payable	$ (189,000)	$ (51,500)
Notes payable	(465,000)	(66,250)
Common stock	(400,000)	(50,000)
Additional paid-in capital	(30,000)	(30,000)
Retained earnings	(836,000)	(216,000)
Totals	$ (1,920,000)	$ (413,750)

Required:

Assume that this combination is a statutory merger so that On-the-Gos accounts will be transferred to the records of NewTune. On-the-Go will be dissolved and will no longer exist as a legal entity. Prepare a postcombination balance sheet for NewTune as of the acquisition date.

Assume that this combination is a statutory merger so that On-the-Go's accounts will be transferred to the records of NewTune. On-the-Go will be dissolved and will no longer exist as a legal entity. Prepare a postcombination balance sheet for NewTune as of the acquisition date. Note: Input all amounts as positive values