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Assuming That Keen Inc

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Assuming that Keen Inc. purchases 100% of Lax Inc. for $200,000, prepare: a) the journal entry that Keen Inc. would make to record the acquisition; b) the elimination entry necessary to produce consolidated balance sheet on the acquisition date. Assuming that Keen Inc. purchases 100% of Lax Inc. for $200,000, prepare: a) the journal entry that Keen Inc. would make to record the acquisition; b) the elimination entry necessary to produce consolidated balance sheet on the acquisition date. Assuming that Keen Inc. purchases 100% of Lax Inc. for $200,000, prepare: a) the journal entry that Keen Inc. would make to record the acquisition; b) the elimination entry necessary to produce consolidated balance sheet on the acquisition date.

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