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The Following Data Pertains to Questions

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The following data pertains to Questions
Keen and Lax Inc had the following balance sheets on October 31,2007: The following data pertains to Questions Keen and Lax Inc had the following balance sheets on October 31,2007: -Assuming that Keen Inc.purchases 80% of Lax Inc.for $240,000,prepare any journal entries you feel are necessary on the date of acquisition prior to the preparation of Consolidated Financial Statements.Assume that the Entity Method applies.
-Assuming that Keen Inc.purchases 80% of Lax Inc.for $240,000,prepare any journal entries you feel are necessary on the date of acquisition prior to the preparation of Consolidated Financial Statements.Assume that the Entity Method applies.

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