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  3. blank corporation acquired 100 percent of faith co

Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31,202, for $217,000....

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Accounting

imageimage Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31,202, for $217,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: At the date of the business combination, the book values of Faith's net assets and liabilities approximated fair value. Assume that Fait Corporation's accumulated depreciation on buildings and equipment on the acquisition date was $10,000. Required: a. Give the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the business combination. b. Prepare a consolidated balance sheet worksheet. equired: Give the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the busines combination. Prepare a consolidated balance sheet worksheet. A Answer is not complete. Complete this question by entering your answers in the tabs below. Give the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the business combination. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field

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