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Fair market value of tangible assets

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Arizona Corp. acquired the business Data Systems for $360,000 cash and assumed all liabilities at the date of purchase. Data's books showed tangible assets of $420,000, liabilities of $27,000, and stockholders' equity of $393,000. An appraiser assessed the fair market value of the tangible assets at $350,000 at the date of acquisition. Arizona Corp.'s financial condition just prior to the acquisition is shown in Required B.

Reference no: EM133291174

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