E1-9 Acquisition of Net Assets Sun Corporation concluded the fair value of Tender Company was $60,000 and paid that amount to acquire its net assets....

E1-9 Acquisition of Net AssetsSun Corporation concluded the fair value of Tender Company was $60,000 and paid that amount to acquire its net assets. Tender reported assets with a book value of $55,000 and fair value of $71,000 and liabilities with a book value and fair value of $20,000 on the date of combination. Sun also paid $4,000 to a search firm for finders fees related to the acquisition.

QUESTION:E1-9 Acquisition of Net AssetsSun Corporation concluded the fair value of Tender Company was $60,000 and paid that amount to acquire its net assets. Tender reported assets with a book...