Essay
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.
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