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The following balance sheets were prepared for Adam Corporation and Best Company on January 1, 20X2, just before they entered into a business combination:

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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.RequiredPrepare a balance sheet of the combined company immediately following the acquisition, assuming Adam’s shares were trading at $60each. Get Accounting Help Today