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Silver Enterprises has acquired All Gold Mining in a merger transaction. The following balance sheets represent the premerger book values for both firms:
Silver Enterprises
Current assets$5,800
Current liabilities$3,800
Other assets 2,200
Long-term debt 8,500
Net fixed assets 25,300
Equity 21,000
Total$33,300
All Gold Mining
Current assets$2,300
Current liabilities$1,550
Other assets 710
Long-term debt 0
Net fixed assets 10,800
Equity 12,260
Total$13,810
Question 1: Construct the balance sheet for the new corporation assuming that the transaction is treated as a purchase for accounting purposes. The market value of All Gold Mining's fixed assets is $12,050; the market values for current and other assets are the same as the book values. Assume that Silver Enterprises issues $18,000 in new long-term dept to finance the acquisition.
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