1. ABC Co. is acquiring XYZ Inc. XYZ has the following intangible assets: Customer list with an observable fair value of $45,000 Identifiable research and development costs of $150,000 A 5-year operating lease with favorable terms having a discounted present value of $6,000, Patent on a product that is deemed to have no useful life $15,000, ABC will record how much for acquired Intangible Assets from the purchase of XYZ Ine? pg.cn.265 3. On January 1, 2020, Jack and Jill Companies had condensed balance sheets as shown below: Jack Company Company Current Assets $1,000,000 $ 500,000 Plant and Equipment (Net) 1.500,000 900,000 $2.500.000 $1.400,000 Current Liabilities Long-Term Debt Common Stock, $5 par Paid-in Capital in Excess of Par Retained Earnings $ 200,000 300,000 1,400,000 0 600,000 $2,500,000 $ 175,000 200,000 400,000 100,000 500,000 $1,400,000 Required: Record the acquisition of Jill's net assets, the issuance of the stock and/or payment of cash, and payment of the related costs. Assume that Jack issued 15,000 shares of new common stock with a fair value of $15 per share and paid $400,000 cash for all of the net assets of Jill. Acquisition costs of $25,000 and stock issuance costs of $10,000 were paid in cash. Current assets had a fair value of $525,000, plant and equipment had a fair value of $1,000,000, and long-term debt had a fair value of $190,000