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Samantha's Sporting Goods Had Net Assets Consisting of the Following

Question 26

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Samantha's Sporting Goods had net assets consisting of the following: Samantha's Sporting Goods had net assets consisting of the following: Pedic Incorporated purchased Samantha's Sporting Goods,and immediately dissolved Samantha's as a separate legal entity. Requirement 1: If Samantha's was purchased for $1,000,000 cash,prepare the entry recorded by Pedic. Requirement 2: If Samantha's was purchased for $1,500,000 cash,prepare the entry recorded by Pedic.
Pedic Incorporated purchased Samantha's Sporting Goods,and immediately dissolved Samantha's as a separate legal entity.
Requirement 1: If Samantha's was purchased for $1,000,000 cash,prepare the entry recorded by Pedic.
Requirement 2: If Samantha's was purchased for $1,500,000 cash,prepare the entry recorded by Pedic.

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