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Case 5.1 Business Combinations (200 points) Yankee Corporation acquired 80% of the outstanding stock of Gary Corporation in December 31, 2019 for $735,000 cash. The
Case 5.1 Business Combinations (200 points) Yankee Corporation acquired 80% of the outstanding stock of Gary Corporation in December 31, 2019 for $735,000 cash. The acquisition occurred on the last day of the fiscal year for both companies. Yankee paid an additional $15,000 in direct acquisition costs to consumate the purchase. The following balance sheet of the parent and subsidiary were prepared immediately subsequent to the investment
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