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Angela Corporation (a private company) acquired all of the outstanding voting stock of Eddy Tech,...

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Accounting

imageimage Angela Corporation (a private company) acquired all of the outstanding voting stock of Eddy Tech, Inc., on January 1, 2021, in exchange for $9,630,000 in cash. At the acquisition date, Eddy Tech's stockholders' equity was $7,710,000 including retained earnings of $3,470,000. At the acquisition date, Angela prepared the following fair value allocation schedule for its newly acquired subsidiary: At the end of 2021, Angela and Eddy Tech report the following amounts from their individually maintained account balances, before consideration of their parent-subsidiary relationship. Parentheses indicate a credit balance. Required: Prepare a 2021 consolidated income statement for Angela and its subsidiary Eddy Tech. Assume that Angela, as a private company, elects to amortize goodwill over a 10-year period. Required: Prepare a 2021 consolidated income statement for Angela and its subsidiary Eddy Tech. Assume that Angela, as a private company, elects to amortize goodwill over a 10-year period

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