Question: CHOOSE THE CORRECT ANSWER, ASAP. 1. 1st Statement: Goodwill arising from a business combination is not amortized but tested for impairment at least annually. 2nd

CHOOSE THE CORRECT ANSWER, ASAP. 1. 1st Statement: Goodwill arising from a business combination is not amortized but tested for impairment at least annually. 2nd Statement: In a reverse acquisition, the issuer of shares (the legal acquirer) is the accounting acquiree. a. Only first statement is true. c. Only second statement is true. b. Both statements are true. d. both statements are false. 2. A contingent liability assumed in a business combination is recognized a. a. it is a present obligation that arises from past events and b. if its fair value can be measured reliably. c. even if it has an improbable outflow of resources embodying economic benefits. d. All of these

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