Rayburn Company purchased all of Kanodia Company's common stock for ($ 300,000) cash on January 1, at

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Rayburn Company purchased all of Kanodia Company's common stock for \(\$ 300,000\) cash on January 1, at which time the separate balance sheets of the two corporations appeared as follows:image text in transcribed

During purchase negotiations, Rayburn determined that the appraised value of Kanodia's Other Assets was \(\$ 360,000\); and, all of its remaining assets and liabilities were appraised at values approximating their book values. The remaining \(\$ 20,000\) of the purchase price was ascribed to goodwill. Prepare the consolidating adjustments and the consolidated balance sheet at acquisition.

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