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During year 2 the Henderson Company purchased the net assets of John Corporation for $800,000. On the date of the transaction, John had no long-term investments in marketable securities, deferred assets, or prepaid assets and had $100,000 of liabilities. The fair value of John’s assets when acquired were as follows:
How should the $100,000 difference between the fair value of the net assets acquired ($900,000) and the cost ($800,000) be accounted for by Henderson? A. The $100,000 difference should be recorded as a gain in the period of acquisition. B. The current assets should be recorded at $360,000, and the noncurrent assets should be recorded at $540,000. C. A deferred credit of $100,000 should be set up and then amortized to income over a period not to exceed 40 years. D. The noncurrent assets should be recorded at $500,000. |