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09-04-2024
Business

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Natural Resource and Intangible Accounting
McLeansboro Oil Company acquired a small oil company with only three assets during a recent year. The assets were acquired for $1,350,000 cash.

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Prepare the entry to record this acquisition in McLeansboro's journal. (Hint: Record the cost in excess of fair value as goodwill.) If an amount box does not require an entry, leave it blank.

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