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8:15 q < Back Business Combination Case.... 7. Purchaser Company does not plan on sell off any of Acquirer's production assets but will either use them to expand production of the surviving brand's products or convert them for production of Purchaser's products. 8. Purchaser plans to utilize all the raw materials on hand at the time of purchase, complete all work in process, and redirect purchasing and production to the surviving brand. 9. Purchaser incurred $500,000 of professional fees associated with the acquisition. REQUIRED: List the assets and liabilities that should be recognized and indicate: 1) how the item should be valued in accounting for the acquisition, 2) if the item is measured at fair value how the fair value would be determined be specific in explaining the methodology to be used, 3) for assets and liabilities on Acquired's balance sheet that will not be recognized in the acquisition explain why, 4) any items not on Acquired's balance sheet but should be recognized explain why. Where necessary, provide the appropriate citation from the FASB's Codification to support your decision. In completing the assignment specific dollar values are not expected. The following template should be used in completing the assignment. Rows should be added as needed. Item Valuation Method Cash Book value per balance sheet Assets Current assets: Cash If measured at If not to be If not on balance Codification reference, fair value, recognized, why sheet but should be if needed methodology to recognized, why be used Acquired Company Balance Sheet December 31, 2018 Marketable securities Accounts receivable (net) Inventories Total current assets Property, plant, and equipment: Land Buildings (net) Equipment (net) Total property, plant, and equipment 197 153,000 410,ooo 1 597,000 260,000 688,000 540,000 Other assets: Dashboard Calendar Notifications Inbox