Staffing Company purchased the net assets Line, assets minus (i.e., assets minus liabilities) of…

 
   

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Staffing Company purchased the net assets Line, assets minus (i.e., assets minus liabilities) of Time Management, Inc. for$390,000. Time Management, Inc. is a retailer of software, book,seminars, and related items. Its net assets have been carried onits own book at a total of $183,000. An appraisal of TimeManagement assets and liabilities revealed a net fair market valueof $299,000. Staffing Company is willing to pay extra retailcustomers most of who have dealt exclusively with the company formany years and also their loyal employees who have also been withthe company for many years. What is the amount of goods will theStaffing Company should record at acquisition of Time Management,Inc.  QUESTION TITLE :- Staffing Company purchased the net assets Line, assets minus