Exercise 2-9 Allocation of Purchase Price to Various Assets and Liabilities LO 6 Company S has no long-term marketable securities. Assume the following scenarios Case A Assume that P Company paid $130,000 cash for 100% of the net assets of S Company S COMPANY Assets Long-lived Assets $85.000 130,000 Current Assets $15,000 20,000 Liabilities $20,000 30,000 Net Assets $80,000 120,000 Book Value Fair Value Case B Assume that P Company paid $110,000 cash for 100% of the net assets of S Company. S COMPANY Assets Long-lived Assets $85,000 80,000 Current Assets $15,000 30,000 Liabilities $20,000 20,000 Net Assets $80,000 90,000 Book Value Fair Value Case C Assume that P Company paid $15,000 cash for 100% of the net assets of S Company. S COMPANY Assets Long-lived Assets $85,000 40,000 Current Assets $15,000 20,000 Liabilities $20,000 40,000 Ner Assets $80,000 20,000 Book Value Fair Value Required: Complete the following schedule by listing the amount that would be recorded on P's books. Assets Retained Earnings Goodwill Current Assets Long-lived Assets Liabilities (Gain in Income Statement) Case A Case B Case C