! Required information [The following information applies to the questions displayed below.] The notes to a recent annual report from Suzie's Shoe Corporation indicated that the company acquired another company, Steve's Shoes, Inc. Assume that Suzie's acquired Steve's Shoes on January 5 of the current year. Suzie's acquired the name of the company and all of its assets for $503,000 cash. Suzie's did not assume the liabilities. The transaction was closed on January 5 of the current year, at which time the balance sheet of Steve's Shoes reflected the following book values. An independent appraiser estimated the following market values for the assets. Steve's Shoes, Inc. January 5 of the Current Year Inventory Accounts receivable (net) Fixed assets (net). Other assets Book Value $ 34,000 222,000 36,000 7,000 $299,000 Market Value $ 34,000 191,000 54,000 19,000 Total assets Liabilities Stockholders' equity Total liabilities and stockholders' equity $ 58,000 241,000 $299,000 2. Compute the adjustments that Suzie's Shoes Corporation would make at the end of the current year (ending December 31) for the following items acquired from Steve's Shoes: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Depreciation of the fixed assets (straight line), assuming an estimated remaining useful life of 15 years and no residual value. b. Goodwill (an intangible asset with an indefinite life).