6. Which of the following is true of a business combination classified as a statutory merger? I. The buying company continues to exist as a separate legal entity II. The acquired company no longer exists as a separate legal entity a. b. 1 c.Neither I nor II d. Both I and II Use the following information to answer the next 2 questions Professional Steel Products, Inc. paid cash of $1,800,000 in exchange for all the assets and liabilities of Spellman Iron Ore. On the date of acquisition, Spellman's assets had a book value of S1,200,000 and a fair value of S1,650,000. Spellman's liabilities had a book value and fair market value equal to S$20,000. sale? a. $1,400,000 b. S1,120,000 c. $150,000 d. S670,000 8. How much Goodwill did Professional Steel record on its books as a result of the purchase? a. $670,000 b. S150,000 e. So d. S1,120,000