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On January 2, 2013, Illinois Corporation issued 200,000 new shares of its $5 par value common stock valued at $19 a share for all of

On January 2, 2013, Illinois Corporation issued 200,000 new shares of its $5 par value common stock valued at $19 a share for all of North Dakota Company's outstanding common shares. The fair value and book value of North Dakota's identifiable assets and liabilities were the same. Summarized balance sheet information for both companies just before the acquisition on January 2, 2013 is as follows: Illionois North Dakota

Cash $150,000 $240,000

Inventories 320,000 800,000

Other current assets 500,000 1,000,000

Land 350,000 500,000

Property, plant & equipment 4,000,000 3,000,000

Total Assets $5,320,000 $5,540,000

Accounts payable $1,000,000 $600,000

Notes payable 1,300,000 1,320,000

Common stock, $5 par 2,000,000 1,000,000

Additional paid-in capital 1,000,000 200,000

Retained earnings 20,000 2,420,000

Total Liabilities & Equities $5,320,000 $5,540,000

Prepare a consolidated balance sheet for Illinois Corporation immediately after the business combination.

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