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On June 28, 20X3, Poison Company issued 35,000 shares of its $1 common stock for...

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Accounting

On June 28, 20X3, Poison Company issued 35,000 shares of its $1 common stock for all 43,000 of Slash Incorporateds $2 par common shares. Poisons stock was selling for $27 per share immediately prior to the combination, and Slashs stock was selling for $19 per share. Following the combination, Slash operated as a subsidiary of Poison.

Required: 1. Prepare the required journal entry that Poison would make to record the business combination with Slash.

2. What journal entry, if any, would be made by Slash, Inc.?

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