The following balance sheets were prepared for GREYHOUND COMPANY and VIOLET CORPORATION on January 1, 2020, just before they entered into a business combination. G/HOUND COMPANY VIOLET CORP. Book Value Fair Value Book Value Fair. Value Cash 120,000 120,000 8,000 8,000 Accounts receivable 120,000 120,000 32,000 32,000 Merchandise inventory 320,000 480,000 80,000 196,000 Building and equipment 640,000 696,000 160,000 200,000 Accumulated depreciation (160,000) ( 40,000) Goodwill 80.000 Total assets 21.040.000 21.416,000 P320,000 P436,000 Accounts payable 80,000 80,000 112,000 112,000 Bonds payable 320,000 352,000 48,000 68,000 Common stock - P 10 PS par par 240,000 80,000 Additional pald- in capital 80,000 16,000 Retained earnings 320,000 64,000 Total Liab. & SHE P 1.040.000 P320.000 GREYHOUND COMPANY acquired the net assets of VIOLET COMPANY by Issuing 8,000 shares of stocks. Additional cash payments made by GREYHOUND CORPORATION in completing the acquisition were: Broker's fee paid to firm that located VIOLET CORP. P8,000 Cost to register and issue stocks 32,000 Professional fees paid to accountants 16,000 Professional fees paid to lawyers 16,000 Professional fees paid to official valuers 16,000 Indirect acquisition cost 12,000 7. Assuming the stocks issued by GREYHOUND COMPANY has a market price of P40, how much is the total assets after the business combination? a. P 1,376,000 c. P 1,496,000 b. P 1,440,000 d. P 916,000