Patrick corporation acquired 100 percent of obrien companys, Accounting Basics

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Patrick corporation acquired 100 percent of obrien companys

Patrick Corporation acquired 100 percent of O'Brien Company's outstanding common stock on January 1, for $550,000 in cash. O'Brien reported net assets with a carrying amount of $350,000 at that time. Some of O'Brien's assets either were unrecorded (having been internally developed) or had fair values that differed from book values as follows

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Accounting Basics: Patrick corporation acquired 100 percent of obrien companys

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Accounting Basics: Patrick corporation acquired 100 percent of obrien companys

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