Business, 21.02.2020 06:10 ehazlitt

FB Corp. prepares its financial statements in accordance with IFRS. FB acquired 100% of the outstanding common stock of Skarlet, Inc. for $5,500,000. The purchase price included $300,000 to reimburse the former shareholders of Skarlet for legal fees incurred to complete the acquisition. The company also agreed to pay the seller an additional $1,500,000 if Skarlet generated $5,000,000 in net earnings during the first two years after the acquisition. At the acquisition date, the fair value of the contingent consideration was $750,000.

For each of the acquisition items, enter the amount that should be reflected in the line item of FB's consolidated financial statements as of the acquisition date. Enter debit balances as positive values and credit balances as negative values. If an item is not included in any line item, enter zeros in each cell of the associated row.

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FB Corp. prepares its financial statements in accordance with IFRS. FB acquired 100% of the outstand...

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