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In the current year, Company A is formed with $630,000 in capital from the sale...

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Accounting

In the current year, Company A is formed with $630,000 in capital from the sale of 21,000 shares of stock at $30 a share. Company A, which has no other operations, immediately acquires 60% of the voting stock of Company S for $630,000. Company S is a business whose fair value of identifiable net assets on the date of Company A

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