Question: Quick Co . acquired the following assets from a liquidating competitor for a $ 2 0 0 , 0 0 0 l u m m

Quick Co. acquired the following assets from a liquidating competitor for a $200,000lumm2Sum3 purchase price:
\table[[,\table[[Competitor's],[carrying amount]],Fair value],[Inventory,$70,000,$50,000
Quick Co. acquired the following assets from a liquidating competitor for

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