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How big limited has handled transaction

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Reference no: EM132828004

Big Limited purchased for cash all of the shares of Little Limited for $7,540,000. The fair value of its net identifiable assets is $7,140,000. Big Limited reported the following in its income statement in the year of the acquisition.

Loss on acquisition..........$400,000.

Required:

Problem 1: Comment on how Big Limited has handled this transaction with any recommendation, if needed.

Reference no: EM132828004

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