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1. Should Healthy Hearts include the extinguishment of debt (i.e., the Notes) in its pre-combination financial statements or should Cool Care include it in its
- 1. Should Healthy Hearts include the extinguishment of debt (i.e., the Notes) in its pre-combination financial statements or should Cool Care include it in its post-combination financial statements? Depending on the answer, determine the gain or loss on the extinguishment of debt to be recognized. (Note that for this question, the pre-combination financial statements represent Healthy Hearts’ operations before the Acquisition and the post-combination financial statements represent Cool Care’s consolidated financial statements after the Acquisition.) 2. Are there differences between ASC 805 and IFRS 3 that should be considered in the analysis?
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