Values In 2016, Plummer Corporation acquired the net assets of Singer Company. The purchase price was ($85)
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Values In 2016, Plummer Corporation acquired the net assets of Singer Company. The purchase price was \($85\) million. Plummer’s annual reports for 2016 and 2017 provide the following information (in millions):
The change in acquisition cost is a reduction in the fair value of an earnings contingency.
Required
a. Did the changes in value between 2016 and 2017 occur within the measurement period? Explain.
b. Prepare the entry Plummer made in 2017 to adjust the 2016 acquisition values.
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