QUESTION 34 Balance Sheets for Mergers Consider the following premerger information about firm X and firm Y. Firm X Firm Y Total earnings 80,000 42,200 Shares outstanding 36,800 26,000 Per share values Market $43 $13 Book $11 $ 9 Assume firm X acquires firm Y by paying cash for all of the shares outstanding at a merger premium of $5 per share. Assuming that neither firm has any debt before or after the merger, construct the postmerger balance sheet for Firm X assuming the use of purchase accounting. What is the value of assets from X? b. What is the value of assets from Y? c. What is the purchase price of Y?