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Find what the difference on acquisition is

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Problem 1: Elsa Limited acquired the identifiable assets and liabilities of Anna Limited for $265 000. The items acquired, stated at fair value, are: equipment $148 000; inventories $80 000; accounts receivable $52 000; patents $30 000; accounts payable $40 000. The difference on acquisition is:

a. goodwill of $5 000

b. goodwill of $85 000

C. gain on bargain purchase $5 000

d. gain on bargain purchase $85 000

Reference no: EM132676175

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