FB Corp. prepares its financial statements in accordance with IFRS. FB acquired 100% of the outstanding common stock of Skarlet, Inc. for $5,500,000. The purchase price included $300,000 to reimburse the former shareholders of Skarlet for legal fees incurred to complete the acquisition. The company also agreed to pay the seller an additional $1,500,000 if Skarlet generated $5,000,000 in net earnings during the first two years after the acquisition. At the acquisition date, the fair value of the contingent consideration was $750,000.

For each of the acquisition items, enter the amount that should be reflected in the line item of FB's consolidated financial statements as of the acquisition date. Enter debit balances as positive values and credit balances as negative values. If an item is not included in any line item, enter zeros in each cell of the associated row.

See the attached file below.

Explanation:

There's not much difference between IFRS and U.S. GAAP when it comes to business acquisition.

In accordance with IFRS, FB Corp. would do the following procedure:

(1) record the acquired assets and liabilities at fair value

(2) expense any acquisition related costs such as legal fees

(3) ignore post acquisition costs when determining the values at acquisition

(4) calculate goodwill as the difference between the net assets and the acquisition price less legal fees.

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- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

answer; intellectual property protection;