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Please give the answer in tabular form. The trial balances for Wallace Corporation and Au Inc. at December 31, Year 4, just before the transaction
Please give the answer in tabular form.
The trial balances for Wallace Corporation and Au Inc. at December 31, Year 4, just before the transaction described below, were as follows: On December 31, Year 4, Wallace purchased all of the outstanding shares of Au Inc. by issuing 39,000 common shares with a market value of $25 per share. The carrying amounts of Au Inc.'s assets and liabilities were equal to fair value except for the following: Required: What are the balances for the land, other tangible assets, goodwill, investment in common shares, liabilities, common shares, and revenues after the transaction noted above on: (Leave no cells blank - be certain to enter "0" wherever required. Omit $ sign in your response.) (a) Wallace's separate entity financial statements (b) Au Inc.'s separate entity financial statements (c) Wallace's consolidated financial statementsStep by Step Solution
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