The PEN Corporation with a Book Value of $20 Million

Multiple Choice

The PEN Corporation with a book value of $20 million and a market value of $30 million has acquired the CNC Corporation with a book value of $6 million and a market value of $8 million at a price of $9 million. If the transaction is a purchase, then the total assets on the books of the new company will be

A) $38 million.
B) $39 million.
C) $29 million.
D) $26 million.