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Exercise 5 ( LO 5 , 6 ) Purchase with a gain. Libra Company is purchasing 1 0 0 % of the outstanding stock of

Exercise 5(LO 5,6) Purchase with a gain. Libra Company is purchasing 100% of the
outstanding stock of Genall Company for $700,000. Genall has the following balance sheet on
the date of acquisition:
Appraisals indicate that the following fair values for the assets and liabilities should be
acknowledged:
Prepare the value analysis schedule and the determination and distribution of excess schedule.
Prepare the elimination entries that would be made on a consolidated worksheet prepared
on the date of purchase.
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