Consider the following premerger information about Firm X and Firm Y: Firm X Firm Y
Total earnings $96,000 $22,500
Shares outstanding 53,000 18,000
Per-share values:
Market $53 $18
Book $14 $8
Assume that Firm X acquires Firm Y by issuing long-term debt to purchases all the shares outstanding at a merger premium of $5 per share. Construct the post-merger balance sheet for Firm X assuming the use of the purchase accounting method.

Firm X and Firm Y

Post-merger Balance Sheet for Firm X

Net assets         $886,000

Goodwill                90,000

Total assets      $976,000

Common stock $742,000

Long-term debt  234,000

Total liabilities and

equity              $976,000

Explanation:

a) Data and Calculations:

                                    Firm X      Firm Y

Total earnings         $96,000    $22,500

Shares outstanding   53,000       18,000

Per-share values:

Market                            $53             $18

Book                               $14               $8

Net assets              $742,000   $144,000

=                       (53,000*$14)     (18,000*$8)

Net assets = Common Stock for each company

Merger premium on Firm Y         $5

Goodwill on acquisition = $90,000 (18,000 * $5)

Investment in Firm Y = $234,000 (18,000 * ($8 + $5)

Long-term debt issued = $234,000

Net assets

Firm X net assets before acquisition = $742,000

Firm Y net assets before acquisition =    144,000

Net value of combined assets =           $886,000

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