Who estimated that the fair value of these assets

Reference no: EM133609890

Question: Carla Vista Corporation has the following selected transactions during the year ended December 31, 2024:

Jan. 1 Purchased a copyright for $109,860 cash. The copyright has a useful life of six years and a remaining legal life of 30 years.

Mar. 1 Acquired a franchise with a contract period of nine years for $506,250; the expiration date is March 1, 2033. Paid cash of $39,020 and borrowed the remainder from the bank.

Sept. 1 Purchased a trademark with an indefinite life for $78,690 cash. As the purchase was being finalized, spent $31,820 cash in legal fees to successfully defend the trademark in court.

Dec. 31 Purchased an advertising agency for $618,000 cash. The agency's only assets reported on its statement of financial position immediately before the purchase were accounts receivable of $52,500, furniture of $159,000, and leasehold improvements of $298,000. Carla Vista hired an independent appraiser who estimated that the fair value of these assets was accounts receivable $52,500, furniture $169,000, and leasehold improvements $323,000. Carla Vista is not assuming any liabilities pertaining to the agency.

Reference no: EM133609890

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