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Problem 3-6Hwt2 LO2, 4 The shareholders of Prong Company and Horn Company agreed to a statutory amalgamation under which a share exchange took place. On September 1, Year 5, Prong Company issued 60,000 ordinary shares for all of the ordinary shares of Horn Company, after which Horn Company was dissolved. The ordinary shares of Prong Company traded $7 per share on this date. After the amalgamation, Prong Company changed its name to Pronghorn Corporation. The statements of financial position of the two companies at on August 31, Year 5, were as follows: Horn Compan S 489,000 (189,000) 20,000 170,000 $ 490,000 $ 100,000 200,000 160,000 Prong Company $ 635,000 (205,000) 41,000 135,000 $ 606,000 $ 70,000 260,000 Plant and equipment Accumulated depreciation Other assets Current assets Ordinary shares (Note 1) Retained earnings Long-term debt Current liabilities 180,000 96,000 30,000 $ 490,000 S 606,000 Note 1: Ordinary shares outstanding 25,000 70,000 Business Combinations CHAPTER 3 The carrying amounts of the net assets of both companies were equal to fair values except for plant and cquipment. The fair values of plant and equipment were as follows: Prong Company Horn Company $500,000 280,000 Prong's other assets include patent registration costs with a carrying amount of $25,000. An independent appraiser placed a value of $100,000 on this patent. Required Prepare the statement of financial position of Pronghorn Corporation immediately after the statutory amalgamation. Problem 3-7Cw R2 LO4, 5, 6