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Janzen Corporation acquired all of the outstanding common stock of Steinbeck Corporation for $11,280,000 in cash. The book values and fair values of Steinbecks assets
Janzen Corporation acquired all of the outstanding common stock of Steinbeck Corporation for $11,280,000 in cash. The book values and fair values of Steinbecks assets and liabilities were the following:
| Book Value | Fair Value | |
|---|---|---|
| Accounts receivable | $ 1,370,000 | $ 1,170,000 |
| Land | 1,270,000 | 1,570,000 |
| Equipment | 6,870,000 | 7,970,000 |
| Patent | 270,000 | 1,270,000 |
| Accounts payable | 1,770,000 | 1,770,000 |
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Financial Accounting
Authors: David Spiceland
6th Edition
1265889716, 978-1265889715
