Pumpworks Incorporated and Seaworthy Rope Company agreed to merge on January 1, 20X3. On the date of the merger agreement, the companies reported the following data: Pumpworks has 10,000 shares of its $20 par value shares outstanding on January 1,20X3, and Seaworthy has 4,000 shares of $5 par value stock outstanding. The market values of the shares are $300 and $50, respectively. equired: Pumpworks issues 700 shares of stock in exchange for all of Seaworthy's net assets. Prepare a balance sheet for the combined tity immediately following the merger. ote: Amounts to be deducted should be indicated by minus sign