Testbank Multiple Choice Question 105 Pharoah Company purchases Sheridan Company for $3800000 cash on January 1, 2021. The book value of Sheridan Company's net assets reported on its December 31, 2020 financial statement was $3200000. An analysis indicated tha the fair value of Sheridan's tangible assets exceeded the book value by $520000, and the fair value of identifiable intangible assets exceeded book value by $280000. What amount of gain or goodwill is recognized by Pharoah? $200000 gain. $520000 goodwill. $200000 goodwill. $800000 gain. Click if you would like to Show Work for this question: Open Show Work Testbank Multiple Choice Question 84 Pharoah Corporation acquired two inventory items at a lump-sum cost of $100000. The acquisition included 3120 units of product CF, and 6240 units of product 3B. CF normally sells for $30 per unit, and 3B for $10 per unit. If Pharoah sells 1040 units of CF, what amount of gross profit should it recognize? $36400. $3733 $11200. $31200. Click if you would like to Show Work for this question: Open Show Work