Pal/ Sal

Current Assets $260,000/ $120,000

Equipment-net 440,000/ 480,000

Buildings-net 600,000/ 200,000

Land 100,000/ 200,000

Total Assets $1,400,000/ $1,000,000

Current Liabilities 100,000/ 120,000

Common Stock, $5 par 1,000,000/ 400,000

Additional paid-in Capital 100,000/ 280,000

Retained Earnings 200,000/ 200,000

Total Liabilities and Stockholders' equity $1,400,000/ $1,000,000

On January 1, 2014 Pal issued 30,000 of its shares with a market value of $40 per share in exchange for all of Sal's shares, and Sal was dissolved. Pal paid $20,000 to register and issue the new common shares. It cost Pal $50,000 in direct combination costs. Book values equal market values except that Sal's land is worth $250,000.

Required:

List the accounts and amounts that would appear in the Pal's balance sheet after the business combination and the Sal dissolution on January 1, 2014.