For the following transaction,provide all of the required journal entries from inception to liquidation.Assume a December 31 year-end and that the company does not prepare interim statements.Round all amounts to nearest dollar.
Definitions:
Holding Company
A corporation that owns enough voting stock in another company to control its policy and management.
Shares Exchange
The process of trading shares of stock between buyers and sellers on financial markets.
Directors and Shareholders
Individuals or entities that hold decision-making power (directors) and those who own shares in a company (shareholders).
Plan Approval
The process in which an authoritative body reviews and approves a proposed plan or project.
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