June 2011 1st question iii part

Hi,

In the answer of 2011 June 1st question iii section says than
iii)The current value of Pursuit Co is $140,000,000, of which the market value of equity and debt are $70,000,000 each. The
value of the combined company before paying Fodder Co shareholders is approximately $189,169,000, and if the capital
structure is maintained, the market values of debt and equity will be approximately $94,584,500 each. This is an increase
of approximately $24,584,500 in the debt capacity.
The amount payable for Fodder Co’s debt obligations and to the shareholders including the premium is approximately
$49,116,500 [4,009 + 36,086 x 1·25]. If $24,584,500 is paid using the extra debt capacity and $20,000,000 using
cash reserves, an additional amount of approximately $4,532,000 will need to be raised. Hence, if only debt finance and
cash reserves are used, the capital structure cannot be maintained

Bu my understanding is that when Pursuit co aquire Fodder co it pays 20mln out of it is cash so asset of company incease by 29 mln (49 in 20 out).

DRassets 49
CR cash 20
CR loan 29

net effect to assets + 29

So value of new company become 189 (140+29) and debt capacity increase by 14,5 mln (189/2-70) so Pursuit co need borrow additional 14.5 mln (29-14,5) to addition its debt capacity

I have solved this part but examiner answer different way. can you please comment where is my mistake?

Thank you