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Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik
Edition 10ISBN: 978-1260575910Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik
Edition 10ISBN: 978-1260575910 Exercise 54
A company is coming out of reorganization with the following accounts: 
The company's assets have a $760,000 reorganization value.As part of the reorganization, the company's owners transferred 80 percent of the outstanding stock to the creditors.
Prepare the journal entry that is necessary to adjust the company's records to fresh sfert accounting.
The company's assets have a $760,000 reorganization value.As part of the reorganization, the company's owners transferred 80 percent of the outstanding stock to the creditors.Prepare the journal entry that is necessary to adjust the company's records to fresh sfert accounting.
Explanation
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The fair market value and reorganization...
Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik
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