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A parent acquires all of the stock of a subsidiary for $72,000,000 in cash. The fair value of the subsidiary's identifiable net assets is
A parent acquires all of the stock of a subsidiary for $72,000,000 in cash. The fair value of the subsidiary's identifiable net assets is $75,600,000. On its own books, the parent Select one: a reports its investment at $72,000,000. b. reports a gain of $3,600,000 in other comprehensive income. c reports a gain of $3,600,000 in income. d. reports its investment at $75.600,000 with a contra asset allowance of $3,600,000
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