Question 11 (6 marks) Frost Inc. acquired the listed assets and liabilities of Smith Corp. for $4,200,000 cash on January 1 , 2022. The book values and fair values of the assets of Smith as of the date of acquisition were: In addition, Smith Corp. had liabilities totaling $980,000 at the date of acquisition and a customer list estimated to have a fair value based on discounted future cash flows of $320,000