ONLY NEED THE ONES THAT ARE MARKED RED PLEASE AND THANK YOU ONLY NEED THE ONES THAT ARE MARKED RED PLEASE AND THANK YOU

On January 1, NewTune Company exchanges 17,949 shares of its common stock for all of the outstanding shares of On-the-Go, Inc. Each of NewTune's 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-Go's fair value. NewTune also paid $23,500 in stock registration and issuance costs in connection with the merger. Several of On-the-Go's accounts' fair values differ from their book values on this date: Receivables Trademarks Record music catalog In-process research and development Notes payable Book Values $ 35, 250 102,500 80,000 0 (66,250) Fair Values $ 29,150 255,500 267,500 223,500 (56,900) Precombination book values for the two companies are as follows: Cash Receivables Trademarks Record musie catalog Equipment (net) Totals Accounts payable Notes payable Common stock Additional paid-in capital Retained earnings Totals Newrune On-the-Go $ 74,000 $ 30,000 128,000 35,250 411,000 102,500 928,000 80,000 379,000 166,000 $ 1,920,000 $ 413,750 $ (189,000) $ (51,500) (465,000) (66,250) (400,000) (50,000) (30,000) (30,000) (836,000) (216,000) $(1,920,000) $(413,750) a. 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. b. Assume that no dissolution takes place in connection with this combination. Rather, both companies retain their separate legal identities. Prepare a worksheet to consolidate the two companies as of the combination date. a. 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. b. Assume that no dissolution takes place in connection with this combination. Rather, both companies retain their separate legal identities. Prepare a worksheet to consolidate the two companies as of the combination date. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B 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. NEWTUNE COMPANY AND ON-THE-GO, INC. Post-Combination Balance Sheet January 1, 2018 Assets Liabilities and Stockholders' Equity Cash $ 30,000 Accounts payable $ (51,500) Receivables 29,150 Notes payable (56,900) Trademarks 255,500 Common stock 71,796 Record music catalog 267,500 Additional paid-in capital 825,654 Research and development 223,500 Retained earnings asset 216,800 Equipment 166,000 X Goodwill 34,200 s Total assets Total liabilities and equities 1,005,850 1,005,850 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Assume that no dissolution takes place in connection with this combination. Rather, both companies retain their separate legal identities. Prepare a worksheet to consolidate the two companies as of the combination date. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) Show less NEWTUNE COMPANY AND ON-THE-GO, INC. Consolidation Worksheet January 1, 2018 Consolidation Entries Newtune Accounts On-the- Consolidated Debit Credit Go, Inc. Totals Cash $ 50,500 S 30,000 s 80,500 Receivables 128,000 35,250 6.100 157,150 Investment in On-the-Go 897.450 296,000 Trademarks 411,000 102,500 153,000 666,500 Record music catalog 928,000 80,000 187.500 1,195,500 Research and development 223,500 223,500 asset Equipment 379.000 166,000 545,000 Goodwill 34,200 34,200 S Total assets $ 413,750 S 2,902,350 2.793,950 Accounts payable $ 189,000 $ 51,500 $ 240,500 Notes payable 465,000 66,250 9,350 521,900 Common stock 471,796 50,000 50,000 471,796 Additional paid-in capital 832,156 30,000 30,000 832,154 Retained earnings 836.000 216,000 216,000 836,000 S Total liabilities and equities $ 413,750 2,793,952 $ 903,550 s S 302,100 2.902.350 O