Placid Lake Corporation acquired 80 percent of the outstanding voting stock of Scenic, Inc., on...
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Accounting
Placid Lake Corporation acquired percent of the outstanding voting stock of Scenic, Inc., on January when Scenic had a net book value of $ Any excess fair value was assigned to intangible assets and amortized at a rate of $ per year.
Placid Lake's net income before consideration of its relationship with Scenic and before adjustments for intraentity sales was $ Scenic reported net income of $ Placid Lake declared $ in dividends during this period; Scenic paid $ At the end of selected figures from the two companies' balance sheets were as follows:
tablePlacid Lake,ScenicInventory$$
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