Please prepare a consolidated balance sheet for Padmah Corporation and subsidiary immediately after the business combination, you need to complete the working paper before you prepare the consolidated balance sheet.

Notes: need two thing, one is the consolidated balance sheet, one is the working paper before you prepate the consolidated balance sheet.

Part III. (50 points). MUST SHOW WORK! On January 1, 2017, Padmah Corporation issued 10,000 shares of its own S10 par value common stock for 9,000 shares of the outstanding stock of Sherry Corporation in an acquisition. Padmah common stock at January 1, 2017 was selling at $70 per share. Just before the business combination, balance sheet information of the two corporations was as follows: Padmah Book Value Sherry Book Sherry Value Fair Value S 12,000 36,000 Cash Inventories Other current assets Land Plant and equipment-net $ 25,000 S 12,000 55,000 110,000 100,000 660,000 32,000 90,000 30,000 250,000 $ 414,000 110,000 90,000 375,000 S 623,000 S 950,000 s 220,000 s5 s 50,000 Liabilities apital stock, $10 par value dditional paid-in capital etained earnings 500,000 170,000 60,000 100,000 40,000 224,000 $ 950,000 S 414,000 quired