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* Question 2 On January 1, 2020, AMI Corporation purchased the non-cash net assets of Cullumber Ltd. for $8,318,900. Followin

Land Accounts payable 3,580,000 275,000 Prepare the journal entry on the books of AMI Corporation to record the purchase of t

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Solution- (a) Journal entries - Ami Corporation (wet auet basis) Debit Credit $ 552,900 $ 2360,000 $ 2005,000 $ 3580,000 $ 96

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