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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 amount did Conservative report as its investment in Spin after the transfer of assets and liabilities?
Distribution Transformer
A common transformer used by utility companies to change their line voltage into the 240/120 volts necessary to operate homes and small businesses.
Auto
Often short for automobile; a self-propelled passenger vehicle commonly used for transportation.
Control
The power to influence or direct people's behavior or the course of events.
Household
A household typically refers to a residence or the people living together in a home, often used in contexts relating to domestic activities, utilities, and consumption.
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