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Hoyt Corporation agreed to the following terms in order to acquire the net assets of Brown Company on January 1, 2018: To issue 400 shares of common stock ($10 par) with a fair value of $45 per share. To assume Brown's liabilities which have a book value of $1,600 and a fair value of $1,500. On the date of acquisition, the consideration transferred for Hoyt's acquisition of Brown would be:_________

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Answer:

The answer is $19,500

Explanation:

The consideration transferred for Hoyt's acquisition of Brown would be the fair value of issue of shares and the fair value of brown's liabilities.

Cost of shares = 400 shares x $45

=$18,000

Fair value of Liability = $1,500

Therefore, consideration transferred for Hoyt's acquisition of Brown would be:

$18,000+$1,500

=$19,500

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