Problem:
Hoven Corporation issued common stock with a par value of $600.000 and a market value of $800,000 to acquire all the outstanding shares of Lead Company in a business combination. The Hoven Corporation reported assets of $2,000,000 and liabilities of $542,000 immediately before the business combination. Lead Company's assets and liabilities had book values of $460,000 and $187,000, respectively. The fair values of Lead's assets and liabilities were $600,000 and $188,000, respectively. What amount should be reported as total assets of the combined entity immediately following the business combination? (IF POSSIBLE PLEASE SHOW WORK)
a) $2,460,000
b) $2,600,000
c) $2,800,000
d) $2,988,000