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To date, management of Big Bear Inc. has not had much success in Arrowhead business and is deciding whether a write-down at this time is appropriate. Management has received an offer to purchase the division for $400,000 (fair value). All identifiable assets' and liabilities' book and fair value amounts are the same.
Problem 1: When Big Bear Inc. acquires Arrowhead business, how much was the excess of cost of the purchase over the fair market value of the net assets of Arrowhead?
Select one:
a. 500,000
b. 400,000
c. 150,000
d. 160,000
Problem 2: What is the book value of the Arrowhead division's net asset as of December 31, 2016?
a. 420,000
b. 440,000
c. 400,000
d. 500,000
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