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Pell Corporation acquires all of the assets and liabilities of Sason Co. at an acquisition cost...

Pell Corporation acquires all of the assets and liabilities of Sason Co. at an acquisition cost that is $50 million above the fair value of identifiable net assets acquired. Three months after the acquisition, land belonging to Sason at the date of acquisition is discovered. The land has a fair value of $5,000,000.  


Using the T-account template below, prepare the entry, if any, to recognize this new information.

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