Your task is to identify the exact part of the FASB codification that contains the applicable rules. For each question, cite the section number, and cut and paste the rule into your answer. What section of the codification requires:

1. As of the date of an acquisition, the acquirer should allocate the purchase price to assets acquired based on their fair values?
2. Income from an acquired subsidiary should be reported by the acquirer from the date of acquisition onwards?