P Company reports its 10,000 shares of S Company at $40 per share. P Company then purchases

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P Company reports its 10,000 shares of S Company at $40 per share. P Company then purchases an additional 60,000 shares of S Company for $65 each and gains control of S Company. What must be done with respect to the valuation of the shares previously owned?
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Advanced Financial Accounting

ISBN: 978-0078025877

11th edition

Authors: Theodore E. Christensen, David M. Cottrell, Cassy JH Budd

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