By Floyd A Beams; et al
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We determine fair values for all identifiable assets and liabilities, regardless of whether they are recorded on the books of the acquired company. For example, an acquired company may have expensed the costs of developing patents, blueprints, formulas, and the like.  Assets acquired and liabilities assumed in a business combination that arise from contingencies should be recognized at fair value if fair value can be reasonably estimated. If fair value of such an asset or liability cannot be reasonably estimated, the asset or liability should be recognized in accordance with general FASB guidelines to account for contingencies, and reasonable estimation of the amount of a loss.
The plant and equipment acquired in this business combination should be recorded at: a $220,000 b $200,000 c $183,332 d $180,000 19 20 CHAPTER 1 2. On April 1, Par Company paid $1,600,000 for all the issued and outstanding common stock of Son Corporation in a transaction properly accounted for as an acquisition. Son Corporation is dissolved. The recorded assets and liabilities of Son Corporation on April 1 follow: Cash Inventory Property and equipment (net of accumulated depreciation of $640,000) Liabilities $160,000 480,000 960,000 (360,000) On April 1, it was determined that the inventory of Son had a fair value of $380,000 and the property and equipment (net) had a fair value of $1,120,000.
The following information shall be disclosed in the financial statements or the notes to financial statements for each period for which a statement of financial position is presented: a. For intangible assets subject to amortization, all of the following: 1. The gross carrying amount and accumulated amortization, in total and by major intangible asset class 2. The aggregate amortization expense for the period 3. The estimated aggregate amortization expense for each of the five succeeding fiscal years b.
Advanced accounting by Floyd A Beams; et al