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What would be the accounting implications

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Problem - Gaffney Corporation is a wholesale distributor of auto parts and uses the cash method of accounting. The company's sales have been about $20 million per year for the last few years. However, Gaffney has the opportunity to acquire an unincorporated competitor with annual sales of $10 million. What would be the accounting implications of acquiring the competitor?

Reference no: EM132660599

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