Pallos Company is purchasing the net assets of Shrilly Company. The book and fair values of Shrilly’s accounts are as follows:

Accounts Book Fair Current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $100,000 $120,000 Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000 80,000 Building and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000 400,000 Customer list . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 20,000 Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 100,000 What values will be assigned to current assets, land, buildings and equipment, the customer list, liabilities, goodwill, and extraordinary gain under each of the following purchase price scenarios?

a. $800,000

b. $450,000

c. $15,000.AppendixLO1