Business, 19.02.2021 03:50, makayladurham19

Plastic Company purchased 100 percent of Spoon Company's voting common stock for $657,000 on January 1, 20X4. At that date, Spoon reported assets of $707,000 and liabilities of $249,000. The book values and fair values of Spoon's assets were equal except for land, which had a fair value $118,000 more than book value, and equipment, which had a fair value $81,000 more than book value. The remaining economic life of all depreciable assets at January 1

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Plastic Company purchased 100 percent of Spoon Company's voting common stock for $657,000 on January...