Question
ABC Co. is acquiring XYZ Inc. XYZ has the following Intangible assets: Patent on a product that is deemed to have no useful life $10,000.
ABC Co. is acquiring XYZ Inc. XYZ has the following Intangible assets:
Patent on a product that is deemed to have no useful life $10,000.
Customer List with an observable fair value of $50,000.
A 5-year operating lease with favorable terms with a discounted
present value of $8,000.
Identifiable R & D of $100,000.
ABC will record how much for acquired Intangible Assets from the Purchase of XYZ Inc?_______________
Please show work
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Financial Accounting The Impact on Decision Makers
Authors: Gary A. Porter, Curtis L. Norton
9th edition
130565417X, 1305654174, 9781285972572 , 978-1285182964
