Perry Company acquires 100% of the stock of Hurley Corporation on January 1, 2012, for $3,800 cash. As of that date Hurley has the following trial balance; Any excess of consideration transferred over fair value of net assets acquired is considered goodwill with an indefinite life. FIFO inventory valuation method is used.
Compute the amount of total expenses reported in an income statement for the year ended December 31, 2012, in order to recognize acquisition-date allocations of fair value and book value differences,

Question

Perry Company acquires 100% of the stock of Hurley Corporation on January 1, 2012, for $3,800 cash. As of that date Hurley has the following trial balance;  Any excess of consideration transferred over fair value of net assets acquired is considered goodwill with an indefinite life. FIFO inventory valuation method is used.
Compute the amount of total expenses reported in an income statement for the year ended December 31, 2012, in order to recognize acquisition-date allocations of fair value and book value differences,

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The Answer of Perry Company acquires 100% of the stock of Hurley Corporation on January 1, 2012, for $3,800 cash. As of that date Hurley has the following trial balance;  Any excess of consideration transferred over fair value of net assets acquired is considered goodwill with an indefinite life. FIFO inventory valuation method is used.
Compute the amount of total expenses reported in an income statement for the year ended December 31, 2012, in order to recognize acquisition-date allocations of fair value and book value differences,

Perry Company Acquires 100% of the Stock of Hurley Corporation