Prepare the Ace Corporation post-combination SFP(statement of financial position) under each of the following independent situations: a. Ace Corporation purchased the assets and assumed the liabilities of Blue Corporation by paying $2,000,000 cash and issuing long-term instalment notes payable of $18,000,000 Pre-Combination Statements of Financial Position, August 31, 20X6 Ace Blue Cash and cash equivalents $ 2,350,000 $ 1,200,000 Accounts receivable 2,000,000 1,800,000 Land 5,000,000 Machinery and equipment (net) 13,500,000 8,400,000 Deferred development costs 600,000 3,100,000 $23,450,000 $14,500,000 Accounts payable $ 650,000 $ 1,100,000 Notes payable, long-term 2,000,000 1,000,000 Common shares 15,000,000 6,950,000 Retained earnings 5,800,000 5,450,000 $23,450,000 $14,500,000 Net income, year ended August 31, 20X6 $ 2,450,000 $ 1,300,000 Fair Values, August 31, 20X6 Ace Blue Cash and cash equivalents $ 2,350,000 $ 1,200,000 Accounts receivable 2,000,000 1,800,000 Land 8,500,000 Machinery and equipment (net) 11,000,000 11,000,000 Deferred development costs 750,000 4,000,000 Accounts payable (650,000) (1,100,000) Notes payable, long-term (2,000,000) (900,000) Net asset fair value $21,950,000 $16,000,000 b. Ace issued 400,000 common shares for all of the outstanding common shares of Blue. The market value of Ace's shares was $50 per share. c. Ace purchased 100% of Blue's outstanding common shares from Blue's previous shareholders As consideration, Ace issued 270,000 common shares and paid $1,000,000 in cash. The market value of Ace's shares was $50 per share