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Unformatted text preview: The company had not previously recorded a liability for the claim. 19.On January 25, 2010, the company agreed to purchase for cash the outstanding stock of Porter Electrical Co. The acquisition is likely to double the sales volume of Tucker's Christmas Trees, Inc. 20.On February 1, 2010, a plant owned by Tucker's Christmas Trees, Inc. was damaged by a flood resulting in an uninsured loss of inventory. 21.On February 5, 2010, Tucker's Christmas Trees, Inc. issued and sold to the general public $2 million in convertible bonds. 22.On April 19, 2010, you discovered that a debtor of Tucker's Christmas Trees, Inc. went bankrupt on March 10, 2010. The sale had taken place December 6, 2009, but the amount appeared collectible at December 31, 2009 and March 5, 2010. 23.On June 20, 2010, you discovered that a debtor of Tucker's Christmas Trees, Inc. went bankrupt on January 15, 2010 due to a declining financial health. The...
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- Fall '08