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Assume Company P acquires 80% of the common stock of Company S on Dec 31, 2005 by payingS120,000 cash to the shareholders of Company S.

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Assume Company P acquires 80% of the common stock of Company S on Dec 31, 2005 by payingS120,000 cash to the shareholders of Company S. The two firms' pre-acquisition balance sheets as of December 31, 2005 and income statements for the year ending December 31, 2006 follows

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