On January 1,2022, Parflex Corporation exchanged $344,000 cash for 90 percent of Eagle Corporations outstanding...

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Accounting

On January 1,2022, Parflex Corporation exchanged $344,000 cash for 90 percent of Eagle Corporations outstanding voting stock. Eagles acquisition date balance sheet follows: Cash and receivables$15,000 Liabilities$76,000 Inventory 35,000 Common stock 150,000 Property and equipment (net)350,000 Retained earnings 174,000 $400,000 $400,000

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