Which of the following is NOT true with regard to the statutory consolidation form of business combination? a. The combining entities both cease to exist after the combination. b. A new corporation must be formed. c. Control of the net assets of the combining entities must be acquired by the new entity. d. The net assets of the combining entities must be acquired with assets of the new corporation.
Which of the following is NOT true with regard to the statutory consolidation form of business combination? a. The combining entities both cease to exist after the combination. b. A new corporation must be formed. c. Control of the net assets of the combining entities must be acquired by the new entity. d. The net assets of the combining entities must be acquired with assets of the new corporation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following is NOT true with regard to the statutory consolidation form of business combination?
a. The combining entities both cease to exist after the combination.
b. A new corporation must be formed.
c. Control of the net assets of the combining entities must be acquired by the new entity.
d. The net assets of the combining entities must be acquired with assets of the new corporation.
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