2. One of your clients asks for your assistance with an acquisition it completed on January 1. 2020. It paid $4,500,000 for 100% voting stock of a competitor firm. You estimate the fair value of the net assets of the acquiree at $3,000,000. There is, in addition, an unrecorded trademark valued at $850,000 with an estimated 5-year life. The client has a calendar year end. a. What is the acquisition entry? fo(Ctrl b. What is goodwill on the consolidated financial statements at year-end? I c. What is trademark on the consolidated financial statements at year-end? d. Now assume that, in addition to the above, the acquisition agreement called for an additional payment to the seller of $500,000 contingent upon the investee reaching a certain level of income within three years. You became aware of this on November 1, 2020, ten months after the acquisition date. You estimate the fair value of the potential payment at $400,000. i. What journal entry, if any, would the acquirer record in its accounting books at November 1 to reflect this information? I ii. What would goodwill be on the consolidated financial statements at year-end