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Pudex Acquired 100% of Sudex's Outstanding Common Stock on 6/1/06

Question 68

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Pudex acquired 100% of Sudex's outstanding common stock on 6/1/06 for $690,000 cash. Selected information for Sudex as of the acquisition date follows:
Pudex acquired 100% of Sudex's outstanding common stock on 6/1/06 for $690,000 cash. Selected information for Sudex as of the acquisition date follows: Required: a. Prepare the entry to record the combination. b. Prepare the entry or entries to use push-down accounting. c. Prepare all entries to prepare consolidated financial statements as of 6/1/06. Required:
a. Prepare the entry to record the combination.
b. Prepare the entry or entries to use push-down accounting.
c. Prepare all entries to prepare consolidated financial statements as of 6/1/06.

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