question one:

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Exercise 1: On January 1, 2019, TALL Corp. paid $240,000 cash to acquire all of the outstanding shares of SHORT Inc. 5HORT's book value was only $140,000 at that time. On the date of acquisition, SHORT's buildings (ten-year life) were undervalued on 5HORTs records by $60,000 while equipment (five-year life) was undervalued by $25,000. Any consideration transferred over fair value of identified net assets acquired is assigned to goodwill. Following are the individual financial records for these two companies for the year ended December 31 . 2019 Bequired: a. Prepare the acquisition-date fair value allocation schedule b. Prepare aschedule for amortiaation computation c. How was the investment in SHORT (reported in TALL's individual Balance Sheet) calculated? d. How was the Equity Income-Investment in SHORT (reported in TALL's individual Balance Sheet) calculated? e. Prepare a consolidation woeksheet for this business combination as of December 31, 2019. Answer Acquisition-Date Fair Value Allocation Schedule 1/1/2019 Amortiration Computation \begin{tabular}{|l|l|l|l|} \hline & & \\ \hline & \\ \hline Total amortiration & & \\ \hline \end{tabular} Imvestment in 5HO8T 31/12/2019 Equity income-investment in SHORT 31/12/2019 Page 3 of 7 Consolidation worksheet for this business combination as of December 31. 2019