For an intangible asset its fair value can be reliably measured. QUESTION 2 In the year ended June 30 2021, Lorelai Ltd, a reporting entity, acquired the assets and assumed the liabilities of the Rory Teens operation from Gilmore Ltd for $10,000,000. At the date of acquisition, the fair values of the net separable identifiable assets and liabilities of the operation were $8,000,000 and $1,000,000 respectively. Based on this information, the transaction has resulted in: a. None of these answers is correct. b. The acquisition of certain assets and liabilities, which is not a business combination since Rory Teens is not managed to provide a return to investors but only to provide a return to Gilmore Ltd. C. The acquisition of certain assets and liabilities, which is not a business combination since Rory Teens is not a business but simply part of the Gilmore Ltd business. Od. A business combination of Lorelai Ltd and Rory Teens. QUESTION 3 Z Company Ltd, a reporting entity, purchases all the issued shares of A Company Pty Ltd for $2,200,000. The net assets of A Company Pty Ltd at the date of acquisition consist of land $2,500,000 and a liability of $300,000 with these values representing their respective fair values. Z Company Ltd will record the acquisition in its separate accounting records as follows: Save Click Save and Submit to save and submit. Click Save All Ansuers to save all answers