Question 2 25 Points Problem #2 (25%) Bargain Purchase: Gilmore Corporation's net assets have fair values as described below. I $500.000 Current assets Land. ..800,000 Building and equipment... 1,500,000 Loans payable ....(100,000) Nanton Company pays $4,000,000 for Gilmore Corporation and records the acquisition as a merger. Nanton Corporation determines that the identifiable intangibles valued at $1.500,000, not previously reported on Gilmore's books. also are recognized as acquired assets. Required a. Prepare a schedule to calculate the gain on acquisition. b. Prepare Nanton's journal entry to record the merger. Use the editor to format your