[The following information applies to the questions displayed below] The notes to a recent annual report from Weebok Corporation indicated that the company acquired another company, Sport Shoes, Inc. Assume that Weebok acquired Sport Shoes on January 5 of the current year. Weebok acquired the name of the company and all of its assets for $515,000 cash. Weebok did not assume the liabilities. The transaction was closed on January 5 of the current year, at which time the balance sheet of Sport Shoes reflected the following book values and an independent appraiser estimated the following market values for the assets Sport Shoes, Inc January 5 of the Current Year Book Value $ 41,000 219,000 31,000 9,000 $300,000 $ 58,000 242,000 $300,000 Market Value $ 41,000 Accounts receivable (net) Inventory Flxed assets (net) Other assets Total assets 96,000 49,500 19,000 Llablities Stockholders' equlty Total liabillities and stockholders' equity Market values for the purchased assets were provided to Weebok by an independent appraiser