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Storm tools has formed a new business unit to produce

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Storm Tools has formed a new business unit to produce battery-powered drills. The business unit was formed by the transfer of selected assets and obligations from the parent company. The unit's initial balance sheet on January 1 contained cash ($500,000), plant and equipment ($2,500,000), notes payable to the parent ($1,000,000), and residual equity ($2,000,000).

Reference no: EM131762887

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Storm tools has formed a new business unit to produce : Storm Tools has formed a new business unit to produce battery-powered drills. The business unit was formed by the transfer of selected assets
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