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Pumpworks Inc. and Seaworthy Rope Company agreed to merge on January 1. 20X3. On the date of the merger agreement, the companies reported the following data:
Balance Sheet Items
Pumpworks
Seaworthy Rope Comany
Book Value
Fair Value
fair Value
Assets
Cash 8 Receivables
S 95,000
S 17,000
Inventory
103,000
169,000
27,000
39,000
Land
142,000
7,000
12,000
Plant 8 Equipment
416,000
pict
3111,000
215,000
;;.; pict
128,000
Less: Accumulated Depreciation
(136.000)
ure
(66,000)
Total Assets
$ 581,000
$124,000
1200,000
5196,000
Liabilities 8 Equities
Current Liabilities
62,000
S 62,000
1 29,000
S 29,000
Capital Stock
226,000
26,500
Capital in Excess of Par Value
26,000
11,000
Retained Earnings
233.500
Total Liabilities 8 Equities
S 581,000
$200,000
Pumpworks has 11.300 shares of its $20 par value shares outstanding on January 1. 20X3. and Seaworthy has 5.300 shares of $5 par value stock outstanding. The market values of the shares are $320 and $70. respectively.
Question 1: Prepare the stockholders equity section of the combined company's balance sheet. assuming Pumpworks acquires all of Seaworthy's net assets by issuing:
1. 1.200 shares of common.
2. 1.900 shares of common.
3. 3.100 shares of common.
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