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:
Television
A telecommunication medium used for transmitting moving images in monochrome (black and white), or in color, and in two or three dimensions and sound.
Americans
Citizens or natives of the United States of America.
Television
A system for transmitting visual images and sound that are reproduced on screens, primarily used for broadcasting programs for entertainment, news, and education.
Estimated Percent
A calculated approximation, often used in statistics, reflecting the portion or fraction of a whole represented as a percentage.
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