sontag corporation s net assets have fair values as described below fair value marke 4374339

Sontag Corporation’s net assets have fair values as described below. Fair Value Marketable securities $100,000 Land 800,000 Buildings 500,000 Equipment 300,000 Other net assets 200,000 The Pratt Company pays $3,000,000 for Sontag Corporation, and records the acquisition as a statutory merger. Pratt Company determines that identifiable intangibles valued at $1,300,000, not previously reported on Sontag’s books, also are recognized as acquired assets. Required a. Prepare a schedule to calculate the gain on acquisition. b. Prepare Pratt’s journal entry to record the merger. View Solution:
Sontag Corporation s net assets have fair values as described below Fair

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