On February 18, 2014, Q-Car Corporation announced its plan to acquire 90 percent of the out- standing 1,000,000 shares InstaPower Corporations common stock in a business combination later in the year following regulatory approval. Q-Car will account for the transaction in accor- dance with ASC 805, Business Combinations. On May 1, 2014, Q-Car purchased a 90 percent controlling interest in InstaPowers outstand- ing voting shares. On this date, Q-Car paid $60 million in cash and issued one million shares of Q-Car common stock to the selling shareholders of InstaPower. Q-Cars share price was $20 on the announcement date and $27 on the acquisition date. InstaPowers remaining 100,000 shares of common stock are owned by a small number of investors who do not actively trade their shares. Using other valuation techniques (comparable firms, discounted cash flow analysis, etc.), Q-Car estimated the fair value of the InstaPowers non- controlling shares at $11,000,000. The parties agreed that Q-Car would issue to the selling shareholders an additional one million shares contingent upon the achievement of certain performance goals during the first 18 months following the acquisition. The acquisition-date fair value of the contingent stock issue was esti- mated at $10 million. InstaPower has a research and development (R&D) project underway to develop a fast charg- ing battery technology. The technology has a fair value of $14 million. Q-Car considers this R&D as in-process because it has not yet reached technological feasibility and additional R&D is needed to bring the project to completion. No assets have been recorded in InstaPowers financial records for the R&D costs to date. InstaPowers other assets and liabilities (at fair values) include the following: Cash $ 270,000 Accounts receivable 800,000 Land 2,930,000 Building 19,000,000 Machinery $ 46,000,000 Trademark 8,000,000 Accounts payable (1,000,000) Neither the receivables nor payables involve Q-Car. Answer the following questions citing relevant support from the ASC and IFRS. 1. What is the total consideration transferred by Q-Car to acquire its 90 percent controlling inter- est in InstaPower? 2. What values should Q-Car assign to identifiable intangible assets as part of the acquisition accounting? 3. What is the acquisition-date value assigned to the 10 percent noncontrolling interest? What are the potential noncontrolling interest valuation alternatives available under IFRS? 4. Under U.S. GAAP, what amount should Q-Car recognize as goodwill from the InstaPower acquisition? What alternative goodwill valuations are allowed under IFRS?