Task 1/ LO 1-5 ACC571
The following balance sheets were prepared for Adam Corporation and Best Company on January 1, 20X2, just before they entered into a business combination:
Adam acquired all of Best Company’s assets and liabilities on January 1, 20X2, in exchange for its common shares. Adam issued 8,000 shares of stock to complete the business combination.
Required
Prepare a balance sheet of the combined company immediately following the acquisition, assuming Adam’s shares were trading at $60 each.
This assignment is due at the end of week 1. The accounting workbook is available to assist in completing your balance sheet. Make sure you show your work.