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At the date of the business combination, the book values of Scholars assets and liabilities...

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Accounting

At the date of the business combination, the book values of Scholars assets and liabilities approximated fair value except for inventory, which had a fair value of $81,000, and buildings and equipment, which had a fair value of $185,000. At December 31,20X4, Professor reported accounts payable of $12,500 to Scholar, which reported an equal amount in its accounts receivable

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