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Pell Corporation acquires all of the assets and liabilities of Sason Co. at an acquisition cost that is $50 million above the fair value of
Pell Corporation acquires all of the assets and liabilities of Sason Co. at an acquisition cost that is $50 million above the fair value of identifiable net assets acquired. Three months after the acquisition, land belonging to Sason at the date of acquisition is discovered. The land has a fair value of $5,000,000.
Using the T-account template below, prepare the entry, if any, to recognize this new information.
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