The following balance sheets were prepared for Pam Corporation and Slest Company on January 1, 20X2, just before they entered into a business combination: Item Assets Cash and Receivables Inventory Buildings and Equipment Less: Accumulated Depreciation Total Assets Liabilities and Equities Accounts Payable Notes Payable Common Stock: $10 par value $8 par value Additional Paid-In Capital Retained Earnings Total Liabilities and Equities Pam Corporation Book Value Fair Value Slest Company Book Value Fair Value $ 167,000 308,000 603,000 (230,000) $ 167,000 399,000 444,000 $ 97,000 $ 848,000 $ 1,010,000 $ 360,000 $ 64,000 187,000 $ 64,000 202,000 83,000 253,000 (73,000) $ 34,000 28,000 $ 97,000 161,000 247,000 $ 505,000 $ 34,000 33,000 173,000 126,000 298,000 $ 848,000 78,000 54,000 166,000 $ 360,000 Pam acquired all of Slest Company's assets and liabilities on January 1, 20X2, in exchange for its common shares. Pam issued 8,200 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 $60 each. Note: Amounts to be deducted should be indicated with minus sign. PAM CORPORATION AND SUBSIDIARY Combined Balance Sheet January 1, 20X2