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Company P acquired 90 percent of the common stock of Company S on 1/1/2020. On the date of acquisition, Company S had buildings with book
Company P acquired 90 percent of the common stock of Company S on 1/1/2020. On the date of acquisition, Company S had buildings with book value $120,000, fair value $220,000, and remaining useful life of 10 years. What amortization entry should be prepared by Company P when consolidating the financial statements for 2022 (the third year after the acquisition)?
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