Book value different from the fair value Van NV acquired Jong NV by issuing convertible bonds for $5,000,000 and 500,000 shares of $10 par value of com- mon stock with market value of $5,000,000. Given below is the information of Jong NV's liabilities at the time of the acquisition (in thousands): Book Value Accounts payable Unearned revenues Interest payable Notes payable Bonds payable $3,000 400 100 6,700 12,000 Fair Value $2,500 400 100 7,000 10,000 REQUIRED: Determine the amount of Jong NV's liabilities to be recognized by Van NV as a result of the acquisition. Book value different from the fair value Van NV acquired Jong NV by issuing convertible bonds for $5,000,000 and 500,000 shares of $10 par value of com- mon stock with market value of $5,000,000. Given below is the information of Jong NV's liabilities at the time of the acquisition (in thousands): Book Value Accounts payable Unearned revenues Interest payable Notes payable Bonds payable $3,000 400 100 6,700 12,000 Fair Value $2,500 400 100 7,000 10,000 REQUIRED: Determine the amount of Jong NV's liabilities to be recognized by Van NV as a result of the acquisition