Placid Lake Corporation acquired 70 percent of the outstanding voting stock of Scenic, Inc., on...
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Accounting
Placid Lake Corporation acquired 70 percent of the outstanding voting stock of Scenic, Inc., on January 1, 2012, when Scenic had a net book value of $440,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $7,000 per year.
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