Question 2 The balance sheets of Ping Company and Sing Corporation were as follows on December 31, 2010: 200.000 2 her) Ping Sing Current Assets $260,000 $120,000 Equipment-net 440,000 480,000 Buildings-net 600,000 200,000 Land 100.000 Total Assets $1.400.000 $1,000,000 Current Liabilities 100,000 120,000 Common Stock, $5 par 1,000,000 400,000 Additional paid-in Capital 100,000 280,000 Retained Earnings 200.000 200.000 Total Liabilities and Stockholders' equity $1,400,000 $1.000.000 On January 1, 2011 Ping issued 30,000 of its shares with a market value of $40 per share in exchange for all of Sing's shares, and Sing was dissolved Ping paid $20,000 to register and issue the new common shares. It cost Ping $50,000 in direct combination costs. Book values equal market values except that Sing's land is worth $250,000. Required Prepare a Ping balance sheet after the business combination on January 1, 2011