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(Solution) - Comparative balance sheets for Pin and San Corporations at December

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Comparative balance sheets for Pin and San Corporations at December 31, 2010, are as follows (in thousands):
Pin San
Current assets ................... $1,040 .............. $ 480
Land ................................. 400 ................ 800
Buildings-net ................... 2,400 ................ 800
Equipment-net ................. 1,760 ............... 1,920
Total assets ..................... $5,600 .............. $4,000
Current liabilities ............... $ 400 ............... $ 480
Capital stock, $10 par .......... 4,000 ............... 1,600
Additional paid-in capital ....... 400 ................ 1,120
Retained earnings ................ 800 ................... 800
Total equities .................. $5,600 ............... $4,000
On January 2, 2011, Pin issues 120,000 shares of its stock with a market value of $40 per share for all the outstanding shares of San Corporation in an acquisition. San is dissolved. The recorded book values reflect fair values, except for the buildings of Pin, which have a fair value of $3,200,000, and the current assets of San, which have a fair value of $800,000.
Pin pays the following expenses in connection with the business combination:
Costs of registering and issuing securities ................... $120,000
Other direct costs of combination .............................. 200,000
Required
Prepare the balance sheet of Pin Corporation immediately after the acquisition.

 







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