E2.15 Changes in Acquisition Values On October 1, 2019, Asure Corporation acquires the net assets of BlueBox Inc. and records the acquisition as a merger . Asure's acquisition entry looks like this amounts in thousands): Current assets Plant and equipment Identifiable intangibles Goodwill .. Notes payable Cash Earnout liability 6,000 20,000 40,000 350,000 50,000 350,000 16,000 Brand names and customer lists with a 4-year life comprise the identifiable intangibles. Assume any asset write-offs are current as of the date the new information is discovered. Required For each of the following independent situations, prepare Asure's journal entry, if any, to record the in- formation (amounts are in thousands). a. On February 1, 2020, Asure receives information that the appraiser of BlueBox's plant and equip ment was not qualified. A new appraiser values BlueBox's plant and equipment at $14,000 as of the date of acquisition. The plant and equipment has a 5-year life. b. On March 15, 2020, Asure learns that inventory mistakenly valued at $500 at the date of acquisition was really worth $100 at that time. The inventory has been sold. c. On June 30, 2020, BlueBox's equipment, acquired by Asure, was damaged in a fire. The amount of damage is $3,000. The equipment has a 5-year life. d. On September 22, 2020, Asure determines that because of an increase in demand for Blue Box's products since the date of acquisition, the brand names recorded at the date of acquisition have in creased in value by $2,000. In addition, the carnout agreement's fair value has declined by $1,000. 1