On January 1, 2016, Pichai Corporation acquired 80 percent of the outstanding voting stock of Sundar Company in exchange for $1,200,000 cash. At that time, although Sundar’s book value was $925,000, Pichai assessed Sundar’s total fair value at $1,500,000. The book values of Sundar’s individual assets and liabilities approximated their acquisition date fair values except for
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