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please solve this question, i am stuck, thank you very much. The following are several account balances taken from the iecoids of Karson and Reilly
please solve this question, i am stuck, thank you very much.
The following are several account balances taken from the iecoids of Karson and Reilly as of December 3t, 2024. A few asset accounts have been omitted here. All revenues, expenses, and dividend declarations accurred evenly throughout the year. Arnuat tests have indicated no goodwill impaiment. On July 1, 2024, Karson acquired 80 percent of Relily for $1,330,000 cash consideration. In addition. Karson agreed to pay additional cash to the former owners of Reilly if certain performance measures are achieved after three years. Karson assessed a $30,000 fait value for the contingent performance obligation as of the acquisition date and as of December 31.2024 On July 1, 2024. Reilly's ansets and liabilities had book values equal to theli fair value except for some trademaths (with five verir irenaining lives) that were undervalued by $150,000. Karson estimated feillys total fair vatue at $1,700,000 an , July 1,2024. Pequired: On July 1, 2024, Karson acquired 80 percent of Relily for $1,330,000 cash consideration. In addition, Karson agreed to pay additional cash to the former owners of Rellly if certain performance measures are achieved after three years, Karson assessed a $30,000 fair value for the contingent performance obligation as of the acquisition date and as of December 31,2024. On July 1.2024, Reilly's assets and liabilities had book values equal to their fair value except for some trademarks (with five-year remaining lives) that were undervalued by $150,000. Karson estimated Reilly's total fair value at $1,700,000 on July 1,2024 Required: For the following items, what balances would be reported on Karson's December 31, 2024, consolidated financial statements Step by Step Solution
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