Please show your work and fill out how the image shows thank you. On June $30,200$X Carl Corporation purchased Lin Company by issuing $50,000$ shares of stock. Stock has a market value of $$15\mathrm{.}00$ per share. This acquisition is to be recorded as a statutory merger through asset acquisition. In this type of business combination Carl company acquires all the assets and liabilities of Lin Company. Lin Company is dissolved and goes out of business. Prepare the entries the purchase and combination on June $30,200$X$.$ ADVANCED ACCOUNTING UNIT $2$ POST PROBLEM $1-$ MERGER

On June $30,200$X Carl Corporation purchased Lin Company by issuing $50,000$ shares of stock. Stock has

a market value of $$15\mathrm{.}00$ per share. This acquisition is to be recorded as a statutory merger through asset

acquisition. In this type of business combination Carl company acquires all the assets and liabilities of Lin

Company. Lin Company is dissolved and goes out of business. Prepare the entries the purchase and

combination on June $30,200x.$

Following information is shown prior to the merger activity being recorded:

Carl Company

Assets

Total

$$480,000$

Lin Company

Assets

Cash

Accounts Receivable

Plant Assets

Total

$$750,000$

Liabilities and Capital

Liabilities and Capital

Other information:

The Lin Company Plant Assets fair market value is $$600,000.$

The out of pocket costs of the merger are:

SEC Registration Statement fee

Legal fees for the SEC Registration Statement

Accounting fees for the SEC Registration Statement

Finders Fee

Legal fees for the merger

Accounting fees for the merger

Prepare and post the entries to record this as a statutory merger. In a statutory merger permanent

dissolution of the subsidiary occurs at the combination date.

Prepare an after merger balance sheet.