On December 1 , 2 0 2 2 , Placer Corporation acquired all of the assets and
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Question:
On December Placer Corporation acquired all of the assets and liabilities of Sonata Company. The acquisition generated goodwill of $ At the date of acquisition, Sonatas equipment had an estimated fair value of $ and a year life, straightline. On March new information reveals that the equipments fair value was $ at the date of acquisition. Placers accounting year ends on December
Required
Prepare the journal entry or entries to record the change in valuation of Sonatas equipment on March assuming the valuation change is within the measurement period, and depreciation has already been recorded through March
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