Intangibles Valuation and Measurement Changes FoxCloud Inc. acquires TerraForm Company for $36 million in cash, and reports it as a merger. The fair values of tangible net assets acquired are as follows (in thousands). estimated to be $2.4 million in the first year, $1.8 million in the second year, and $1.2 million in the third year. Required Note: Provide all answers in thousands and round answers to the nearest whole number. For example, $2,555,600 in thousands would be $2,556. a. Estimate the value of the customer lists at the date of acquisition. Assume cash flows take place at the end of the year. Note: Do not round intermediate calculations. I.e., carry all decimals and then round the final answer according to the rounding instructions above. (thousands) b. Prepare the entry to record the business combination at the date of acquisition. (1) Prepare the entry, if any, to record the new information when the new information clarifies the value of the customer lists at the date of acquisition. Ignore amortization. Note: If no entry is required, select "N/A - no debit entry is required" and "N/A - no credit entry is required" as your answers. Note: Do not round intermediate calculations. I.e., carry all decimals and then round the final answer according to the rounding instructions above. (2) Prepare the entry, if any, to record the new information when the new information is the result of events occurring subsequent to the acquisition. Ignore amortization. Note: If no entry is required, select "N/A - no debit entry is required" and "N/A - no credit entry is required" as your answers. Note: Do not round intermediate calculations. I.e., carry all decimals and then round the final answer according to the rounding instructions above