The following information has been extracted from Pride Co, and Salola Co. on June 30,...
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The following information has been extracted from Pride Co, and Salola Co. on June 30, 2020. Pride Co. Safola Co. Safola.Co Book Value Fair Value Current assets $400,000 $80,000 $80,000 Patented technology 800,000 100,000 700,000 In-process research & Development 500.000 Liabilities (500,000) (400,000 (400,000) Common stock - (300,000) (100,000) Additional paid in capital (400.000) (300,000) Retained earnings, deficit 1/1 200,000) 700,000 Revenues (1,000,000) (300.000 Expenses 600,000 220.000 Pride Co. obtained all the outstanding shares of Safola Co, on June 30 pay $70,000 cash and issuing debt for 900.000 Pride also agreed to pay $50,000 to an investment bank to arrange the combination and paid $9,000 to its employees who helped with the business combination Required: ( points 1. Allocate the condition transferred among the sets acquired and abilities named to show.any goodwill or gain on bargain purchase 2. Calculate consolidated Patented technology Il Common stock Caren diables Expenses
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