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please help part 6 PART 6: Assume that S is not dissolved and that P paid $550,000 cash for all of S 's outstanding common
please help part 6
PART 6: Assume that S is not dissolved and that P paid $550,000 cash for all of S 's outstanding common stock. Also, assume that P paid $30,000 in merger-related consulting and legal expenses relating to this business combination. Further, assume the pre-acquisition data provided on page one. REQUIRED: Record the journal entry or entries on P's books. (If no entry is required, indicate NO ENTRY REQUIRED.) NOTE: Pre-Acquisition data common to all parts is presented immediately below (unless stated otherwise). "This amount represents the totalyat fair value of S (a.k.a., FMV-S). THUS use this amount when calculating Goodwill or Bargain Purchase Gain Step by Step Solution
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