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    "question_id": "1773572",
    "url": "\/study-help\/questions\/phoenix-inc-purchases-all-of-pegasus-cos-assets-and-liabilities-1773572",
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    "meta_title": "[Solved] Phoenix Inc. purchases all of Pegasus Co. | SolutionInn",
    "meta_description": "Answer of - Phoenix Inc. purchases all of Pegasus Co.'s assets and liabilities on January 1, 2027, for $28 million in cash. At the | SolutionInn",
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    "question_title_h1": "Phoenix Inc. purchases all of Pegasus Co.'s assets and liabilities on January 1, 2027, for $28 million in cash. At the date of acquisition, Pegasus's",
    "question_title": "Phoenix Inc. purchases all of Pegasus Co.'s assets and liabilities on January",
    "question_title_for_js_snippet": "Phoenix Inc  purchases all of Pegasus Co 's assets and liabilities on January 1, 2027, for $28 million in cash  At the date of acquisition, Pegasus's reported assets include current assets of $13 million and plant and equipment of $70 million  It reports current liabilities of $15 million and long term debt of $40 million  Investigation reveals that Pegasuss plant and equipment is overvalued by $2 2 million and it has an unreported software value of $1 million  Prepare the necessary journal entry on Phoenixs books to record its acquisition of Pegasus on January 1, 2027  Assume that Phoenix purchases all of Pegasuss voting stock on January 1, 2027, for $28 million in cash  Prepare the necessary journal entry on Phoenixs books to record the acquisition ",
    "question_description": "<ol><li>Phoenix Inc. purchases all of Pegasus Co.'s assets and liabilities on January 1, 2027, for $28 million in cash. At the date of acquisition, Pegasus's reported assets include current assets of $13 million and plant and equipment of $70 million. It reports current liabilities of $15 million and long-term debt of $40 million. Investigation reveals that Pegasus\u2019s plant and equipment is overvalued by $2.2 million and it has an unreported software value of $1 million.<ul><li>Prepare the necessary journal entry on Phoenix\u2019s books to record its acquisition of Pegasus on January 1, 2027.<\/li><li>Assume that Phoenix purchases all of Pegasus\u2019s voting stock on January 1, 2027, for $28 million in cash. Prepare the necessary journal entry on Phoenix\u2019s books to record the acquisition.<\/li><\/ul><\/li><\/ol>",
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    "related_book": {
        "title": "Advanced Accounting",
        "isbn": "1618531514, 978-1618531513",
        "edition": "3rd Edition",
        "authors": "Susan S. Hamlen",
        "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/2021\/10\/6169885672c53_134616988564c6c3.jpg",
        "uri": "\/textbooks\/advanced-accounting-3rd-edition-978-1618531513",
        "see_more_uri": "\/textbooks\/business-corporate-culture-3372"
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        "name": "Consanguinity In Context",
        "edition": "1st Edition"
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    "question_posted": "2024-05-27 02:19:10",
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