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King Limited paid $220 000 for 70% of Prince Limited. At the date of acquisition Prince Limited had share capital of $200 000 and retained earnings of $100 000 and all of Prince Limited’s assets and liabilities were recorded at fair value. The fair value of identifiable net assets acquired by King Limited amounted to:
Select one: $220 000 $300 000 $210000./ $154 000
Your answer is correct.
The correct answer is: $210 000
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