Punyain Company acquired Sallsap Corporation on January 1, 20X1, through an exchange of common shares. All of Sallsaps assets and liabilities were immediately transferred to Punyain, which reported total par value of shares outstanding of $218,400 and $327,600 and additional paid-in capital of $370,000 and $650,800 immediately before and after the business combination, respectively. Required: a. Assuming that Punyains common stock had a market value of $25 per share at the time of exchange, what number of shares was issued?

b. What is the par value per share of Punyains common stock?

c. Assuming that Sallsaps identifiable assets had a fair value of $476,000 and its liabilities had a fair value of $120,000, what amount of goodwill did Punyain record at the time of the business combination?