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Peak issues 67,750 new shares of its common stock valued at $3 per share for all of the outstanding stock of Scene. Peak also incurred
Peak issues 67,750 new shares of its common stock valued at $3 per share for all of the outstanding stock of Scene. Peak also incurred attorney costs of $11,400 related to the combination. Prior to these transactions, Peak, Incorporated, and Scene Corporation had the following stockholders equity figures:
Items | Peak | Scene |
---|---|---|
Common stock ($1 par value) | $ 210,000 | $ 56,000 |
Additional paid-in capital | 105,000 | 25,500 |
Retained earnings | 389,000 | 140,000 |
Immediately following the business combination, what totals would appear on a consolidated balance sheet for Additional Paid-In Capital and Retained Earnings, respectively?
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