Answer question A, B& C

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33. On January 1, New Tune Company exchanges 15.000 shares of its common stock for all of the out- standing shares of On the Go, Inc. Each of New Tune's shares hus a SA par value and a $50 fair value The fair value of the stock exchanged in the acquisition was considered equal to On the Go's fair value. New Tune also paid $25,000 in stock registration and issuance costs in connection with the merger Several of On-the-Go's accounts' fair values differ from their book values on this date: Book Values Fair Values Receivables Trademarks Record music catalog In process research and development Notes payable $ 65.000 95,000 60,000 $ 63,000 225.000 180 000 200,000 (45,000) (50,000) Poccombination book values for the two companies are as follows: New Tune On-the-Go Cash Receivables Trademarks Record music catalog Equipment inet Totals $ 60,000 150.000 400.000 840,000 320,000 $1.770,000 $ 29,000 65.000 95.000 60.000 105.000 $354 000 (continued Consolidation of Financial Information 95 Accounts payable Notes payable Common stock Additional paid in capital Retained earnings Totals $ (110.000) (370,000) (400,000) (30,000) (860,000 $11.770.000 $ (34000) (50,000) 150,000) (30.000) (190,000) $(354.000 a Assume that this combination is a statutory merger so that On-the-Go's accounts will be transferred to the records of New Tune. On the Go will be dissolved and will no longer exist as a legal entity. Prepare a postcombination balance sheet for New Tunc as of the acquisition date Assume that no dissolution takes place in connection with this combination. Rather, both com- panies retain their separate legal identities. Prepare a worksheet to consolidate the two compa nics as of the combination date How do the balance sheet accounts compare across parts (a) and (b)