Which of the following is true about goodwill? It is recorded when a business is purchased for more than the book value of its net identifiable assets. It is recorded when a business is purchased for less than the fair value of its net identifiable assets. It is recorded by the acquiring company in all mergers and acquisitions. It is never shown on the balance sheet of the company that created it: In a business combination, the acquiring company may recognize some assets and liabilities not previously recognized by the acquired company. True False Internally generated intangible assets are initially recorded at fair value. True False