Proctor Company Acquires the Assets and Liabilities of Singer Corporation

Proctor Company acquires the assets and liabilities of Singer Corporation, in a transaction reported as a merger. How are the assets and liabilities of Proctor and Singer reported?

A) Proctor's assets and liabilities remain at book value, and Singer's assets and liabilities are reported at fair value at the date of acquisition.
B) Singer's assets and liabilities remain at book value, and Proctor's assets and liabilities are reported at fair value at the date of acquisition.
C) The assets and liabilities of both Proctor and Singer are reported at fair value at the date of acquisition.
D) Proctor's assets and liabilities remain at book value, and Singer's assets and liabilities are reported at fair value at the balance sheet date, each time a balance sheet is prepared.