P 1-2 Prepare balance sheet after business combination omparative ba (in thousands) lance sheets for Pine and Sain Corporations at December 31, 2008, are as follows Pine Sain $600) 10 Current assets Land Buildings-net Equipment-net $130 50 300 220 $700 S 50 100 100 240 $500 Yos Total assets Current liabilities Capital stock, $10 par Additional paid-in capital Co $60 500 200 (360 50 100 Retained earnings 100 Total equities anuary 2, 2009, Pine issues 30,00 shares of its stock with a market value of $20 per share for all the outstanding shares of Sain Corporation in a business combination. Sain is dissolved. The recorded book values reflect fair values, except for the buildings of Pine, which have a net realiz- able value of $400,000, and the current assets of Sain, which have a net realizable value of $100,000. Pine pays the following ex penses in connection with the business combination: Costs of registering and issuing securities Other direct costs of combination $15,000 25,000 REQUIRED: Prepa are the balance sheet of Pine Corporation immediately after the bidiness combination