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On June 28, 2023, poison company issued 35,000 shares of its $1 common stock for all 43,000 of Slash incorporated's $2 par common Shares. Poison's
On June 28, 2023, poison company issued 35,000 shares of its $1 common stock for all 43,000 of Slash incorporated's $2 par common Shares. Poison's stock was selling for $27 per share immediately prior to the combination, and Slash's stock was selling for $19 per share. Following the combination, Slash operated as a subsidiary of poison. Required: 1) Prepare the required journal entry that poison would make to record the business combination with Slash. 2) What Journal entry, if any, would be made by Slash, Inc.?
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