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Angela Corporation (a private company) acquired all of the outstanding voting stock of Eddy Tech, Inc., on January 1, 2021, in exchange for $9,630,000 in

image text in transcribedimage text in transcribed Angela Corporation (a private company) acquired all of the outstanding voting stock of Eddy Tech, Inc., on January 1, 2021, in exchange for $9,630,000 in cash. At the acquisition date, Eddy Tech's stockholders' equity was $7,710,000 including retained earnings of $3,470,000. At the acquisition date, Angela prepared the following fair value allocation schedule for its newly acquired subsidiary: At the end of 2021, Angela and Eddy Tech report the following amounts from their individually maintained account balances, before consideration of their parent-subsidiary relationship. Parentheses indicate a credit balance. Required: Prepare a 2021 consolidated income statement for Angela and its subsidiary Eddy Tech. Assume that Angela, as a private company, elects to amortize goodwill over a 10-year period. Required: Prepare a 2021 consolidated income statement for Angela and its subsidiary Eddy Tech. Assume that Angela, as a private company, elects to amortize goodwill over a 10-year period

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