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- On January 1, 2008, Alaska Corporation acquired Mercantile Corporation's net assets by paying $160,000 cash. Balance sheet data for the two companies and fair value information for Mercantile Corporation immediately before the business combination are given below:
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    1 - On January 1, 2008, Line Corporation acquired all of the common stock of Staff Company
    for $300,000. On that date, Staff's identifiable net assets had a fair value of $250,000. The
    assets...
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2

COMBINED BALANCE OF ALASKA AND MERCANTILE
Alaska

Mercantile

Consolidated

Cash
Accounts Receibvable
Inventory
Patents
Buidling & equipment
Less: Deprecitaion
Building & Equipment...