PART B-19 QUESTIONS The following information pertains to questions 22 through 40: On January 1, 20X1 Papa Company acquired i00% of the outstanding common The shares issued by Papa Company had $1 par value and were stock of B ambina 30,000 shares of its common stock. Some of Bambina assets were internally developed and were not reported on its books or had fair value that S500000 in cash and by issuing to Bambins owners 30.00 shares of its common stock traded on the stock exchange for $25 a share on that date. Bambina reported net assets of 600,000 on the date of the acquisition. differed from it carrying value on the date of the acquisition as follow: Trademarks (indefinite life) Patented Technologies (10 years) Equipment(5 years) Book Values 50,000 0- 450,000 Fair Values 200,000 150,000 410,000 Presented on the following page are the financial statements at the end of the first year of both companies prepared from their separately maintained accounting systems. Credit balances are indicated by parentheses