Grant Company acquired all of the assets and liabilities of Bedford Corporation on January 1 , 2 0X2, in a business combination recorded as a purchase. At that date, Bedford reported assets with a book value of $624,000 and liabilities of $356,000. Grant noted that Bedford had $40,000 of research and Grant Company acquired all of the assets and liabilities of Bedford Corporation on January 1 , 2 0X2, in a business combination recorded as a purchase. At that date, Bedford reported assets with a book value of $624,000 and liabilities of $356,000. Grant noted that Bedford had $40,000 of research and