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Colassal Company Paid $100,000 for All the Common Stock of Glass

Question 23

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Colassal Company paid $100,000 for all the common stock of Glass Company. Glass Company borrowed $20,000 from Colassal Company by signing a note payable. The following information is available:
Colassal Company paid $100,000 for all the common stock of Glass Company. Glass Company borrowed $20,000 from Colassal Company by signing a note payable. The following information is available: Required: Prepare the elimination entries. Required:
Prepare the elimination entries.

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