Identifiable Intangibles Brightcove, Inc. acquires Ciber, Inc. for $80 million in cash and accounts for the acquisition as a merger. Ciber's balance sheet at the date of acquisition is as follows (in thousands): Book Value Fair Value Current assets $400 $250 Plant and equipment 12,000 5,000 Licenses and trademarks 5,000 8,000 Total assets $17,400 Current liabilities $800 800 Long-term liabilities 10,000 9,500 Capital stock 8,000 Retained earnings (1,400) Total liabilities and equity $17,400 Brightcove hires a consultant to identify and value any previously unreported intangible assets attributable to Ciber at the date of acquisition. The consultant identifies the following intangibles: (in thousands) Fair Value Customer contracts $2,000 Assembled workforce 25,000 Brand names 3,000 Leases at rents below current market 500 Developed technology 200 In-process research and development 1,000 Future cost savings from elimination of duplicate assets 400 Additional expected revenues from bundling products 800 0 0 0 C. Prepare the journal entry Brightcove makes to record the acquisition. Enter answers in thousands (hint - $80 million equals $80,000 in thousands). General Journal Description Debit Credit Current assets 40,250 x Plant and equipment 205,000 x Licenses and trademarks 8,000 Customer contracts Brand names Favorable leases Developed technology In-process R&D Goodwill 44,150 x Current liabilities 80,800 x Long term liabilities 159,500 x Cash 240,300 x 0 > 0 > OX 0 > 0 X 0 0 0 0 0