Please answer A&B in full. Please provide Working Paper Elimination and Journal Entries also.

LO 2-4,2-5, 2-6a, 2-6b, 2-6c LO 2-7, 2-8 33. On January 1, New Tune Company exchanges 15,000 shares of its common stock for all of the out- standing 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. New Tune also paid $25,000 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: Book Values Fair Values Receivables ..................... Trademarks .... Record music catalog.......... In-process research and development........ Notes payable...... $ 65,000 95,000 60,000 -0- (50,000) $ 63,000 225,000 180,000 200,000 (45,000) Precombination book values for the two companies are as follows: New Tune On-the-Go Cash .. Receivables ........... Trademarks Record music catalog..... Equipment (net)......... $ 60,000 150,000 400,000 840,000 320,000 $1,770,000 $ 29,000 65,000 95,000 60,000 105,000 $354,000 Totals... (continued) Accounts payable........ Notes payable............ Common stock .......... Additional paid-in capital... Retained earnings............. Totals........................... $ (110,000) (370,000) (400,000) (30,000) (860,000) $(1,770,000 $ (34,000) (50,000) (50,000) (30,000) (190,000) $(354,000 a. Assume that this combination is a statutory merger so that On-the-Go's accounts will be transferred to the records of New Tune. 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 com- panies retain their separate legal identities. Prepare a worksheet to consolidate the two compa- nies as of the combination date