Identify the correct statements about the method used for accounting mergers and acquisitions.

If there is any goodwill recognized during acquisition, the goodwill needs to be evaluated annually for possible impairment losses.

The acquiring company records the acquisition of net assets at their book value at the date of acquisition.

The acquiring company records the acquisition of net assets at their fair value at the date of acquisition.

If the payment made for the acquisition of net assets is more than their fair value, the excess amount is recorded as goodwill.