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 Fair Value slest Company Book Value Fair value $ $ 156,000 309,000 613,000 (246, 000) $ 832,000 156,000 400,000 447,000 $ 99,000 80,000 266,000 (74,000) $371,000 $ 99,000 160,000 245,000 $1,003,000 $504,000 Item Assets Cash & Receivables Inventory Buildings & Equipment Less: Accumulated Depreciation Total Assets Liabilities & Equities Accounts Payable Notes Payable Common Stock: $10 par value $8 par value Additional Paid-In Capital Retained Earnings Total Liabilities & Equities $ $ 67,000 193,000 67,000 208,000 $ 40,000 25,000 $ 40,000 30,000 175,000 135,000 262,000 $ 832,000 81,000 53,000 172,000 $371,000 Pam acquired all of Slest Company's assets and liabilities on January 1, 20X2, in exchange for its common shares. Pam issued 8,100 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. (Amounts to be deducted should be indicated with minus sign.) Required: Prepare a balance sheet of the combined company immediately following the acquisition, assuming Pam's shares were trading at $60 each. (Amounts to be deducted should be indicated with minus sign.) PAM CORPORATION AND SUBSIDIARY Combined Balance Sheet January 1, 20X2 Liabilities and Equities $ 255,000 Accounts payable 469,000 Notes payable 858,000 Common stock (246,000) Additional paid-in capital Retained earnings Assets Cash and receivables Inventory Buildings and equipment Accumulated depreciation Goodwill $ 107,000 223,000 256,000 539,000 262,000 Total Assets $ 1.336,000 Total Liabilities and Equities $ 1,387,000