Provide the balanced equation and calculate the value of E° for the formation of O₂ and H₂O from H₂O₂ given the following half-reactions and corresponding E° values:

H₂O₂(aq) + 2 H⁺(aq) + 2e⁻ → 2 H₂O(l)                E°_H2O2→H2O = 1.78 V

O₂(g) + 2 H⁺(aq) + 2e⁻ → H₂O₂(aq)                     E°_O2→H2O2 = 0.70 V

Determine if the reaction is spontaneous under standard-state conditions.