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P created a new company called s by transferring cash $ 10,000, inventory $15,000 and machinery (cost $40,000, book value $35,000) to S. in return,

P created a new company called s by transferring cash $ 10,000, inventory $15,000 and machinery (cost $40,000, book value $35,000) to S. in return, S issued 10,000 shares of $ 1 par value. in the books of S, the share premium account will be credited with

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