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How much total depreciation expense should be recorded

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Question - Chik Company is acquiring the net assets of Team Company for an agreed-upon price of 900,000 on July 1, 2017. The value was tentatively assigned as follows:

Current assets 100,000

Land 50,000

Equipment (5-year life) 200,000

Building (20-year life) 500,000

Current liabilities (150,000)

Goodwill 200,000

Values were subject to change during the measurement period. The measurement period expired on July 1, 2018, at which time the fair values of the equipment and building as of the acquisition date were revised to 180,000 and 550,000, respectively.

Required - How much total depreciation expense should be recorded in 2017 and 2018?

Reference no: EM132639309

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