In order to reduce the risk associated with a new line of business, Conservative Corporation established Spin Company as a wholly owned subsidiary. It transferred assets and accounts payable to Spin in exchange for its common stock. Spin recorded the following entry when the transaction occurred:
-Based on the preceding information,what was Conservative's book value of assets transferred to Spin Company?
Definitions:
Ordinary Simple Interest
Interest calculated on the principal amount only, without compounding, over a specific period.
360-Day Year
An accounting convention used for interest calculations where the year is simplified to 360 days to ease the computation process.
Exact Simple Interest
Interest calculated on the principal amount of a loan or investment, considering the exact number of days in the interest period.
365-Day Year
A standard year length used in some financial calculations, ignoring leap years.
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