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Pinehollow acquired all of the outstanding stock of Stonebriar by issuing 100,000 shares of its $1 par value stock.The shares have a fair value of $15 per share.Pinehollow also paid $25,000 in direct acquisition costs.Prior to the transaction, the companies have the following balance sheets:
The fair values of Stonebriar's inventory and plant, property and equipment are $700,000 and $1,000,000, respectively.The journal entry to record the purchase of Stonebriar would include a
Express Authority
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Implied Authority
Powers not expressly stated but assumed to be granted in order for an individual to carry out duties effectively.
Apparent Authority
A situation where a third party reasonably believes an individual has the authority to act on behalf of another (such as an employer), even if that person does not have actual authority.
Ratified
An agreement or decision that has been formally approved and confirmed by the required parties.
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