The following balance sheets were prepared for Pam Corporation and Slest Company on January 1, 20x2, just before they entered into a business combination: Pam Corporation Book Value Pair Value Slest Company Book Value Fair Value $ 169,000 319,000 612,000 (244,000) $ 856,000 $169,000 390,000 437,000 $ 94,000 88,000 266,000 (72,000) $376,000 $ 94,000 167,000 244,000 $996,000 $505,000 Item Assets Cash & Receivables Inventory Buildings & Equipment Less: Accumulated Depreciation Total Assets Liabilities & Equities Accounts Payable Notes Payable Common Stock: $8 par value $6 par value Additional Paid-In Capital Retained Earnings Total Liabilities & Equities $ 74,000 199,000 $ 74,000 214,000 $ 40,000 26,000 $ 40,000 31,000 178,000 132,000 273,000 $ 856,000 78,000 39,000 193,000 $376,000 Pam acquired all of Slest Company's assets and liabilities on January 1, 20x2, in exchange for its common shares. Pam issued 8,700 shares of stock to complete the business combination. Required: Prepare a balance sheet of the combined company immediately following the acquisition, assuming Pam's shares were trading at $70 each. (Amounts to be deducted should be indicated with minus sign.) PAM CORPORATION AND SUBSIDIARY Combined Balance Sheet January 1, 20X2 Liabilities and Equities Assets