Adams, Inc., acquires Clay Corporation on January 1, 2017, in exchange for $510,000…

Adams, Inc., acquires Clay Corporation on January 1, 2017, in exchange for $510,000 cash.Immediately after the acquisition, the two companies have the following account balances.Clay’s equipment (with a five-year remaining life) is actually worth $440,000. Creditbalances are indicated by parentheses.

 
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