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:

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: Seagull Co. Balance Sheet at acquisition: 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: Seagull Co. Balance Sheet at acquisition