Which of the following is not true about a merger of two not-for-profit entities?
A. Identifiable assets and liabilities are not adjusted to their fair values at the date of the merger.
B. Neither entity is considered to be acquired.
C. The two entities will continue to legally exist but there will be a new governing board.
D. There will be no acquisition value or goodwill determination.
E. The two entities will together form an entirely new entity with a new governing board.
Answer: C
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