Rogers Inc.'s balance sheet reports the asset Cost in Excess of Net Assets of Purchased Businesses. Assume that Rogers acquired another company, which carried these figures: (Click the icon to view the figures.) 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. - X More info Requirement 1. What is the term used in Canadian financial reporting for the asset Cost in Excess of Net Assets of Purchased Businesses? The term used in Canadian financial reporting for Cost in Excess of Net Assets of Purchased Businesses is goodwill Carrying amount of net assets... $ 3.2 million Requirement 2. Record Rogers Inc.'s purchase of the other company for $5.6 million cash. (Enter debit first, then credits. Explanations are not required. Enter the amounts in millions, rounded to one decimal place.) Fair value of net assets.......... 4.9 million Date Accounts Debit Credit Print Done Requirement 3. Assume that Rogers determined that the asset Cost in Excess of Net Assets of Purchased Businesses increased in value by 5860,000. 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. When the asset Cost in Excess of Net Assets of Purchased Businesses increases in value by $860,000, Vis needed. There is nothing to record for in the value of value increased over its original recorded value at the time of the acquisition purchase. When the asset Cost in Excess of Net Assets of Purchased Businesses decreases in value by $860,000, is needed Record the entry for the decrease in the value of cost in excess of net assets of purchased businesses. Date Accounts Debit Credit The value of cost in excess of net assets of purchased businesses is reviewed If any impairment of the value is identified, the cost in excess of net assets of purchased businesses must be to the value