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Jardon Jewelers purchased 3,000,000 of the outstanding 10,000,000 shares of Angel & Associates. At the time of the acquisition, the book value of Angel's net

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Jardon Jewelers purchased 3,000,000 of the outstanding 10,000,000 shares of Angel \& Associates. At the time of the acquisition, the book value of Angel's net assets equals their fair market value. Angel declared Net Income of $8,250,000 for the year. How will Angel's Net Income be recorded by Jardon

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