Question

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Boughten, Corp had common stock of $100,000 and retained earnings of $200,000. Peyton Co. had common stock of $300,000 and retained earnings of $400,000.

January 1, 2009, Peyton Co. issues 35,000 shares of common stock with a $5 par value and a $10 fair market value for all of Boughten’s outstanding common stock. 

This combination was accounted for as an acquisition.

What were the consolidated net assets immediately after the combination?



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