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On January 1, 2023, Procise Corporation acquired 100 percent of the outstanding voting stock of GaugeRite Corporation for $2,051,050 cash. On the acquisition date, GaugeRite

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On January 1, 2023, Procise Corporation acquired 100 percent of the outstanding voting stock of GaugeRite Corporation for $2,051,050 cash. On the acquisition date, GaugeRite had the following balance sheet: At the acquisition date, the follownng allocation was prepared Authough at acquistion date Procise had expected $62.250 in future benefits from GaugeRites in-process research and development project, by the end of 2023 it was apparent that the research project was a failure with no future economic benefits

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