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An independent appraisal firm has determined that the fair values of the identifiable assets acquired by ABC on 1/1/2015 are:
Assets Fair value (in Millions of dollars)
2 single-family homes $48
1 story office building $40
All the in-place leases for single-family homes and office building $2
Total $90
Problem (a) How this transaction will be recorded if ABC paid for this group of assets $95 million?
Problem (b) Assume that the group of assets acquired is not a business according to ASC 805 and ABC paid for it $88 million. How this transaction will be recorded by ABC?
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