Pamrod Manufacturing acquired all the assets and liabilities of Stafford Industries on January 1,20X2, in...
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Pamrod Manufacturing acquired all the assets and liabilities of Stafford Industries on January 1,20X2, in exchange for 4,200 shares of Pamrod's $20 par value common stock. Balance sheet data for both companies just before the merger are given as follows: Pamrod shares were selling for $140 on the date of acquisition. Required: a. Prepare a Journal entry to record the acquisition in Pamrod's books. b. Prepare a balance sheet for the combined enterprise immediately following the business combination
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