When a business combination occurs after the beginning of the year, the income earned by the acquired

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When a business combination occurs after the beginning of the year, the income earned by the acquired company between the beginning of the year and the date of combination is excluded from the net income reported by the combined entity for the year. Why?
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Advanced Financial Accounting

ISBN: 978-0078025877

11th edition

Authors: Theodore E. Christensen, David M. Cottrell, Cassy JH Budd

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