Question 2 of 25 View Policies Current Attempt in Progress .../10 On May 31, 2021, Sheridan Company paid $3,745,000 to acquire all of the common stock of Sunland Corporation, which became a division of Sheridan. Sunland reported the following balance sheet at the time of the acquisition: Current assets $ 963,000 Current liabilities $ 642,000 Noncurrent assets 2,889,000 Long-term liabilities 535,000 Stockholder's equity 2,675,000 Total assets $3,852,000 Total liabilities and stockholder's equity $3,852,000 It was determined at the date of the purchase that the fair value of the identifiable net assets of Sunland was $3,317,000. At December 31, 2021, Sunland reports the following balance sheet information: Current assets Noncurrent assets (including goodwill recognized in purchase) Current liabilities Long-term liabilities Net assets $ 856,000 2,568,000 (749,000) (535,000) $2,140,000 It is determined that the fair value of the Sunland division is $2,354,000. (a) Your answer has been saved. See score details after the due date. hp