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Thomas Inc.'s balance sheet reports the asset Cost in Excess of Net Assets of Purchased Businesses. Assume that Thomas 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 Thomas Inc.'s purchase of the other company for $5.4 million cash. Businesses decreased in value by $850,000. How would this transaction be recorded? Discuss the basis for your decision in each case. 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? Carrying amount of net assets \$ 3.1 million The term used in Canadian financial reporting for Cost in Excess of Net Assets of Purchased Businesses is Fair value of assets 4.1 million Requirement 2. Record Thomas Inc.'s purchase of the other company for $5.4 million cash. (Enter debit fir he asset Cost in Excess of Net Assets of Purchased Businesses increased in value by $850,000. How would this transaction be recorded? Then, suppose Cost in Excess of N . How would this transaction be recorded? Discuss the basis for your decision in each case. sed Businesses increases in value by $850,000, is needed. increased over its original recorded value at the time of the acquisition purchase. sed Businesses decreases in value by $850,000, is needed. excess of net assets of purchased businesses. urchased Businesses decreased in value by $850,000. How would this transaction be recorded? Discuss the basis for your decision in each case. Vhen the asset Cost in Excess of Net Assets of Purchased Businesses increases in value by $850,000, here is nothing to record for in the value of value increase Vhen the asset Cost in Excess of Net Assets of Purchased Businesses decreases in value by $850,000, Record the entry for the decrease in the value of cost in excess of net assets of purchased businesses. is needed. value at the time of the acquisition purchase. a journal entry d. no journal entry \begin{tabular}{|c|c|c|c|} \hline There is nothing to record for & . & increase & recorded value at the time of the acquisition purchase. \\ \hline When the asset Cost in Excess of Net Assets of Purchased & & ses in value by $850,000 & is needed. \\ \hline Record the entry for the decrease in the value of cost in exc & assets & purchased businesses. & \\ \hline \end{tabular} 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 by $850,000, is needed. Record the entry for the decrease in the value of cost in excess of net Assets Jusinesses. Cash Goodwill 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 val is needed. Record the entry for the decrease in the value of cost in excess of net assets of purchas is is not When the asset Cost in Excess of Net Assets of Purchased Businesses decreases in value by $850,000, is needed. Record the entry for the decrease in the value of cost in excess of net assets of purchased businesses. Record the entry for the decrease in the value of cost in excess of net assets of purchased businesses. Accounts Receivable Assets Cash Gain on Goodwill Goodwill Inventory Liabilities Loss on Goodwill annually quarterly 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. decreased 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. book 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 current