During the period 2011-2013, Yahoo! Inc. made several acquisitions. Following is a summary of information from the footnotes to Yahoo's 2013 10-K report on the largest of these acquisitions. All numbers are in thousands.

Assume that each acquiree's preacquisition balance sheet reports only tangible assets and liabilities. Required

a. For each acquisition, calculate the fair value of tangible net assets acquired.

b. In the Tumblr acquisition, the fair value of tangible net assets is negative, yet book value is positive. Why do you think the fair value of Tumblr’s tangible net assets is negative?

c. Assume Yahoo records each acquisition as a stock acquisition and then uses a working paper to consolidate each subsidiary’s accounts for its annual report. Prepare the eliminating entries required to consolidate each subsidiary at its acquisition date.

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interclick, inc. Tumblr, Inc. Consideration paid... Previously unrecorded intangible assets acquired: Customer contracts and related relationships. Developed technology. $258,501 $990,211 42,700 182,400 35,600 23,700 Trade name, trademark, and domain name. 600 56,500 Goodwill. 171,641 751,765 Company book value (assumed) 10,000 50,000