On January 1,2005,Myna Corporation Issued 10,000 Shares of Its Own

Essay

On January 1,2005,Myna Corporation issued 10,000 shares of its own $10 par value common stock for 9,000 shares of the outstanding stock of Berry Corporation in an acquisition.Myna common stock at January 1,2005 was selling at $70 per share.Just before the business combination,balance sheet information of the two corporations was as follows:
Required:
1.Prepare the journal entry on Myna Corporation's books to account for the investment in Berry Company.
2.Prepare a consolidated balance sheet for Myna Corporation and Subsidiary immediately after the business combination.