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Larrys Liquor acquired the net assets of Drakes Drinks in exchange for cash. The acquisition price exceeds the fair value of the net assets acquired.

Larrys Liquor acquired the net assets of Drakes Drinks in exchange for cash. The acquisition price exceeds the fair value of the net assets acquired. How should Larrys Liquor determine the amounts to be reported for the plant and equipment, and for long-term debt of the acquired Drakes Drinks?

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