Required 1. What is the term used in Canadian financial reporting for the asset Cost in Excess of Net Assets of Purchased Businesses? 2. Record Rogers Inc.'s purchase of the other company for $5.6 million cash. 3. Assume that Rogers determined that the asset Cost in Excess of Net Assets of Purchased Businesses increased in value by $860,000. How would this transaction be recorded? Then, suppose Cost in Excess of Net Assets of Purchased Businesses decreased in value by $860,000. How would this transaction be recorded? Discuss the basis for your decision in each case. I X Carrying amount of net assets ... $ 3.2 million Fair value of net assets. 4.9 million More info