Essay
On January 1, 2014, 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, 2014 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.
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