Proton Limited acquired the net assets and contingent liabilities of Electron Limited for $70 000. Electron Limited's net assets and contingent liabilities were: total assets $94 000; total liabilities $10 000; and contingent liabilities $12 000. Proton Limited will record 

a: Question 24Select one: gain on bargain purchase of $70 000 gain on bargain purchase of $2000 goodwill of $14 000 goodwill of $2000

Answer rating: 100% (QA)

To determine how Proton Limited should record the acquisition of Electron L... View the full answer