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P 1-4 Allocation schedule and balance sheet The balance sheets of Pub Corporation...

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Accounting

P 1-4
Allocation schedule and balance sheet
The balance sheets of Pub Corporation and Sun Corporation at December 31,2010, are summarized
with fair value information as follows (in thousands):
On January 1,2011, Pub Corporation acquired all of Sun's outstanding stock for $300,000. Pub paid
$100,000 cash and issued a five-year, 12 percent note for the balance. Sun was dissolved.
REQUIRED
Prepare a schedule to show how the investment cost is allocated to identifiable assets and liabilities.
Prepare a balance sheet for Pub Corporation on January 1,2011, immediately after the acquisition.
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