View Policies Current Attempt in Progress During 2021, Cullumber Company purchased the net assets of Riverbed Corporation for $2206600. On the date of the transaction, Riverbed had $601800 of liabilities. The fair value of Riverbed's assets when acquired were as follows: Current assets $1083240 Noncurrent assets 2527560 $3610800 How should the $802400 difference between the fair value of the net assets acquired ($3009000) and the cost ($2206600) be accounted for by Cullumber? The current assets should be recorded at $1083240 and the noncurrent assets should be recorded at $1725160. A deferred credit of $802400 should be set up and then amortized to income over a period not to exceed forty years. O The $802400 difference should be recognized as a gain. The $802400 difference should be credited to retained earnings. eTextbook and Media Save for Later Attempts: 0 of 3 used Submit