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E3.3 Eliminating Entries, Revaluation of Reported Net Assets Petrel Corporation acquires all of the stock of Samson Company f
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Calculation Acquisition cost 30,000 Samsons book value -72.000 =-1000-80000+5500- 500+4000 -42,000 Excess of acquisition cos

Credit Debit 1,000 80,000 Ref. Description (E) Common stock Additional paid-in capital Retained earnings AOCI Treasury stock

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