X Co concluded that the fair value of H Co was $40,000 and paid that amount to acquire all of its net assets. H co reported assets with a book value of $30,000 and fair value of $49,000 and liabilities with a book value and fair value of $11,500 on the date of combination. X also paid $1,500 for legal fees related to the acquisition. What amount will be recorded as Investment in H? Select one: O a. 40,000 b. 39,500 O c. 38,500 d. 41,500 Previous page Next page