Easton company and lofton company were combined as result of a purchase transaction. easton was able to acquire lofton at a bargain price. the sum of the fair values of identifiable assets acquired less the fair value of liabilities assumed exceeded the cost of acquiring easton. easton will report the excess amount as
a. a gain.
b. paid-in capital.
c. a deferred credit and amortize it.
d. part of current income in the year of combination.