What are the complete effects of an acquisition on the combined company?

• Neither company's financials change, since the two are simply reported side by side and consolidation never creates goodwill, new debt, or any incremental depreciation
• Only the acquirer's share price moves, while the underlying financial statements stay fixed
• Combined financials, new goodwill and write-ups, new debt/shares, synergies, and incremental D&A and interest
• Only the target's revenue is added to the acquirer, because an acquisition combines the two top lines but leaves every cost, debt, and share-count item completely untouched
• The two companies remain fully separate legal entities with no combination of results