Ernie Company acquired Bert Company in January of Year 1.Bert's balance sheet included $700,000 of assets,$250,000 of liabilities and stockholders' equity of $450,000.Ernie agrees to assume the liabilities and pay $480,000 to acquire Bert.An independent appraiser assessed the fair value of Bert's assets to be $630,000.Indicate whether each of the following statements about this transaction is true or false.

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The Answer of Ernie Company acquired Bert Company in January of Year 1.Bert's balance sheet included $700,000 of assets,$250,000 of liabilities and stockholders' equity of $450,000.Ernie agrees to assume the liabilities and pay $480,000 to acquire Bert.An independent appraiser assessed the fair value of Bert's assets to be $630,000.Indicate whether each of the following statements about this transaction is true or false.

Ernie Company Acquired Bert Company in January of Year 1