How to migrate from iPhone/iPad storyboards to universal storyboard

I have a project created in Xcode 5. The "Deployment Info" settings says Devices: Universal but has separate iPhone and iPad settings and corresponding iPhone and iPad storyboards.

Now I'm developing the same project in Xcode 6 and I want to use one universal storyboard instead of two storyboards. I have only worked on the iPhone storyboard and haven't touched the iPad one. Is it possible to ditch the iPad storyboard and convert the existing iPhone storyboard to be my main universal storyboard?

I adapted this tutorial and a similar solution by @tharkay to create this solution below.

• Rename Main_iPhone.storyboard to Main.storyboard
• Delete Main_iPad.storyboard
• ***If you want to use the iPad storyboard instead of the iPhone, rename the Main_iPad.storyboard to Main.storyboard and delete the Main_iPhone.storyboard file. You will then need to go to the File Inspector and right-click your storyboard, then select “Open as Source Code”. This will display all that XML code. Change targetRuntime from "iOS.CocoaTouch.iPad" to "iOS.CocoaTouch"

From:

targetRuntime="iOS.CocoaTouch.iPad" 

to:

targetRuntime="iOS.CocoaTouch"

• In the project file, under general settings, select Main.storyboard for both iPhone and iPad.

• On Main.storyboard, on the right-hand panel choose the Show the File inspector icon.

• Check the box named Use Size classes

• XCode will prompt with an Xcode 5 compatibility message, Select YES.
• Compile and run.
• Of course, all your views should be messed up and you'll need to redo auto-layout.