Business, 22.07.2019 18:20 Sumthin4695

Damon co. purchased 100% of the outstanding common stock of smith co. in an acquisition by issuing 20,000 shares of its $1 par common stock that had a fair value of $10 per share and providing contingent consideration that had a fair value of $10,000 on the acquisition date. damon also incurred $15,000 in direct acquisition costs. on the acquisition date, smith had assets with a book value of $200,000, a fair value of $350,000, and related liabilities with a book and fair value of $70,000. what amount of gain should damon report related to this transaction?

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