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Puffin Corp. acquired 100% of Seagull Inc. for $900 in cash on April 18, 2023. Puffin Corp.'s accounts receivable include $12 from Seagull. All of

Puffin Corp. acquired 100% of Seagull Inc. for $900 in cash on April 18, 2023.

Puffin Corp.'s accounts receivable include $12 from Seagull.

All of Seagull's assets and liabilities were fairly stated on Seagull's books except for land that was under-valued by $100.

Puffin Corp. Balance Sheet at acquisition:

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