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Rangers, Inc. acquires all of the outstanding common stock of Slowly Industries for $450,000 cash....

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Accounting

Rangers, Inc. acquires all of the outstanding common stock of Slowly Industries for $450,000 cash. On the acquisition date, the subsidiary had Common Stock of $40,000 and Retained Earnings of $160,000. A patent unrecorded by Slowly was valued at $158,000.

Required:

a. Prepare the entry on Rangers books to record the purchase.

b. Prepare all necessary consolidation entries.

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