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Assume that the following balance sheets are stated at book value. Text Suppose that Meat Company purchases Loaf, Incorporated. The fair market value of Loaf's
Assume that the following balance sheets are stated at book value. Text Suppose that Meat Company purchases Loaf, Incorporated. The fair market value of Loaf's fixed assets is $25,710 versus the $15,810 book value shown. Meat pays $37,110 for Loaf and raises the needed funds through an issue of long-term debt. Construct the postmerger balance sheet under the purchase method of accounting. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.)
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