QUESTION 6 Buster Company purchases McTavish Company for $400 cash on January 1, 2021. The book value of McTavish Company's net assets reported on its December 31, 2020 balance sheet was $340. McTavish is a debt-free company. An analysis indicated that the fair value of McTavish's tangible assets exceeded the book value by $47, and the fair value of identifiable intangible assets exceeded book value by $33. Required: What is the fair value of Vann's net assets? Write the journal entry to record the purchase of McTavish Company: Account Debit Credit 400 Cash QUESTION 7 Castillo Del Muro Corporation acquired Klecka Products on January 1, 2015 for $950. The FV of Klecka's net assets was $800. At December 31, 2015, Klecka Products had a fair value of $680. The net identifiable assets of Klecka (excluding goodwill) had a fair value of $580 at that time