International Auto (IA) acquires all of the stock of Genuine Parts (GP) and reports the acquisition as a stock investment on its own books. The acquisition involves the following payments. All amounts are in thousands.
Cash paid to GP shareholders .................................... $5,000
Cash paid to consultants and lawyers.............................1,200
Fair value of new IA stock issued, 1,000 shares, $2 par........36,000
Stock registration fees, paid in cash..................................900
Fair value of earnings contingency..................................250
The earnings contingency, if paid, will occur three years subsequent to the acquisition.
The balance sheet accounts of GP and IA, just prior to the acquisition, are as follows:

In addition to the assets reported on GPs balance sheet, the following previously unreported intangible assets are identified. Note: Some of these intangibles may not be separately capitalized per ASC Topic 805.(We don't need to consider the period)
............................................................Fair value
Licensing agreements.....................................$2,400
Skilled workforce..........................................15,000
Order backlogs..............................................5,000
Future synergies between IA and GP supply chains...1,600
Prepare a schedule calculating the excess of acquisition cost over GPs book value, and its allocation to GP's identifiable net assets and goodwill.

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Internatlonal Auto Genulne Parts Book Value Book Value Falr Value Dr (Cr) Dr (Cr) Dr (Cr) Current assets S30,000 $1,000 S1,200 Fixed assets, net 420,000 27,000 20,000 Trademarks 6,000 89,000 3,400 Current liabilities (25,000) (400) (400) Long-term liabilities (350,000) (26,000) (25,000) Common stock, par value (8,000) (500) Additional paid-in capital (110,000) (8,500) Retained earnings (45,000) 2,000 Accumulated other comprehensive income (4,000) 1,400 Treasury stock 3,000 600 Total $O SO