Q1. Z Corporation acquired 100% of the outstanding common stock of Sake X Corporation for...

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Accounting

Q1. Z Corporation acquired 100% of the outstanding common stock of Sake X Corporation for $ 3,000,000 cash and 50,000 shares of its own common stock ($1 par value), which was trading at $30 per share at the acquisition date.(3 marks)
Required: Prepare The Journal Entry to Record the Acquisition Transaction on the Acquiring Incorporations Journal.

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