Pearl Corporation bought Noodle Bowl Limited at the end of the fiscal year. While negotiating the purchase price, Pearl's management team referred to the following three recent appraisals from independent valuation consultants.

$\backslash$table$[[,\backslash$table$[[$Appraised$],[$Value$]],],[$Noodle Bowl brand name,$$50$ million,Cash flow model based on observed royalty rates$],[$Noodle Bowl workforce,$$40$ million,$\backslash$table$[[$Estimate of the replacement cost to recruit and train an equivalent workforce$]]],[$Favorable lease agreements,$$20$ million,$\backslash$table$[[$Cash flow model of the anticipated savings from Noodle Bowl's favorable $($below$],[$market$)$ contractually guaranted rental rates for retail space$]]]]$

Required:

Which of the above intangibles is likely to be recorded as a distinct identifiable asset in Pearl Corporation's consolidated financial statement? Which is likely to be recorded as part of goodwill? Explain vour reasoning,