Balance Sheet June 30, 2009 Current Assets $ Cash 35,500 Accounts receivable, less allowance for doubtful accounts of $85,000 17,000,000 Inventory, less allowance for obsolescence of $250,000 19,000,000 Prepaid expenses 189,500 Total current assets 36,225,000 Property, Plant and Equipment Land 500,000 Buildings 2,250,000 Transportation equipment 900,000 Computer equipment 535,000 Furniture and fixtures 150,000 4,335,000 Less: Accumulated depreciation 3,100,000 1,235,000 Goodwill 8.000,000 Other assets 350,000 Total assets $45,810,000 Current Liabilities $ Note payable, bank 4,000,000 Accounts payable 10,390,000 Accrued expenses 3.710,000 Total current liabilities 18,100,000 Deferred Compensation 5,600,000 Stockholders' Equity Common stock 10,000 Additional paid in capital 13,000,000 Retained earnings 9.100,000 Total stockholders' equity 22,110,000 Total liabilities and stockholders' equity $45,810,000 You are required to: 1. List the authoritative guidance under U.S. GAAP for this transaction. Provide specific Codification references