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What knoplfer limited will record a

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Problem 1: Knoplfer Limited acquired the net assets and contingent liabilities of Straits Limited for $70 000 cash. The fair value of Straits Limited's net assets and contingent liabilities were: total assets $96 000; total liabilities $15 000; and contingent liabilities $7 000. When recording the business combination, Knoplfer Limited will record a:

Select one:

Option a. gain on bargain purchase of $4000.

Option b. goodwill of $4000.

Option c. goodwill of $11 000.

Option d. gain on bargain purchase of $70 000.

Option e. none of the other options.

Reference no: EM132618055

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