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Wilson Company is negotiating to buy Jay Co., whose balance sheet is below. As part of the negotiations, the parties agree that fair value differs

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Wilson Company is negotiating to buy Jay Co., whose balance sheet is below. As part of the negotiations, the parties agree that fair value differs from book value of certain assets, as indicated in the column marked "Fair value". Wilson Company agrees to purchase Jay Co. for $400,000. Required: Prepare a journal entry to record Wilson's acquisition of Jay Company. Jay Co

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