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Patrick corporation acquired 100 percent of o brien company

28/04/2021 Client: muhammad11 Deadline: 2 Day

Patrick Corporation
acquired 100 percent of O€™Brien Company€™s outstanding common stock on January 1, for $550,000 in cash. O€™Brien reported net assets with a carrying value of $350,000 at that time. Some of O€™Brien€™s assets either were unrecorded (having been internally developed) or had fair values that differed from book values as follows:

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