P 1-2 Prepare balance sheet after an acquisition On January 2, 2011, Pet Corporation enters into a business combination with Sea Corporation in which Sea is dissolved. Pet pays \\( \\$ 1,650,000 \\) for Sea, the consideration consisting of 66,000 shares of Pet \\( \\$ 10 \\) par common stock with a market value of \\( \\$ 25 \\) per share. In addition, Pet pays the following expenses in cash at the time of the merger: 22 CHAPTER 1 Balance sheet and fair value information for the two companies on December 31, 2010, immediately before the merger, is as follows (in thousands): REQUIRED: Prepare a balance sheet for Pet Corporation as of January 2, 2011, immediately after the merger, assuming the merger is treated as an acquisition