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On January 1, 2021, Company Q acquires Company R for $10,000,000. The fair value of Company Rs net identifiable assets is $8,000,000. Prepare the journal

On January 1, 2021, Company Q acquires Company R for $10,000,000. The fair value of Company R’s net identifiable assets is $8,000,000.

Prepare the journal entry to record the acquisition, including the recognition of goodwill.

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