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On Dec 31,2023, Fedha Corporation acquired all the net assets of Abdullah Corporation directly from the owner for $500,000cash, in a business combination. Fedha paid
On Dec 31,2023, Fedha Corporation acquired all the net assets of Abdullah Corporation directly from the owner for $500,000cash, in a business combination. Fedha paid legal fees of $70,000 in connection with the combination. Abdullah's Balance sheet prior to the business combination shows the following: Instruction: 1- Prepare journal entries on December 31,2023, for Fedah Corporation to record the business combination with Abdullah Company. (10 Points) 2- Prepare the journal entries which must be prepared by Abdullah company and why we haye. to prepare them? (5 Points)
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