D Question 7 5 pts On May 31, 2019, Big Company paid $1,600,000 to acquire all of the common stock of Little Company, which became a division of Big (the division, which is also a reporting unit, contains the assets and liabilities acquired). The book value of Little's net assets at the time of acquisition was $1,200,000 and the fair value of the identifiable net assets of Little was $1,350,000. REQUIRED: Compute the amount of goodwill recognized, if any, on May 31, 2019. have Question 6 Information about an item of inventory is given below: Historical cost Selling price Selling or disposal costs Current replacement cost Normal profit margin (% of selling price) $216 $360 $24 $210 30% 4 pts If a company is using LIFO inventory method, the appropriate market value to be used in the Lower-of-Cost-or-Market analysis is: $360 $336 $210 $228