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On January 1, 20X3, PURE Products Corporation issued 12,000 shares of its $10 par value stock to acquire the net assets of Light Steel Company. Underlying book value and fair value information for the balance sheet items of Light Steel at the time of acquisition follow:Light Steel shares were selling at $18 and PURE Products shares were selling at $50 just before the merger announcement. Additional cash payments made by PURE Products in completing the acquisition wereFinder’s fee paid to firm that located Light Steel…. $10,000Audit fee for stock issued by PURE Products….. 3,000Stock registration fee for new shares of PURE Products.. 5,000Legal fees paid to assist in transfer of net assets…. 9,000Cost of SEC registration of PURE Products shares… 1,000Required

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Prepare all journal entries to record the business combination on PURE Products’books. Get Accounting Help Today