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On January 1, 2021, ABC Inc. purchases all of the outstanding common shares of XYZ Co. for $5,000 cash. The summary balance sheets of ABC

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On January 1, 2021, ABC Inc. purchases all of the outstanding common shares of XYZ Co. for $5,000 cash. The summary balance sheets of ABC Inc. and XYZ Co. on January 1, 2021, immediately prior to the purchase, are as follows:

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