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On January 1,2023, Procise Corporation acquired 100 percent of the outstanding voting stock of GaugeRite Corporation for $1,980,000 cash. On the acquisition date, GaugeRite had the following balance sheet: At the acquisition date, the following allocation was prepared: Aithough at acquisition date Procise had expected $44,000 in future benefits from Gaugefite's in-process research and development project. by the end of 2023 it was apparent that the research project was a falure with no future economic benefits. On December 31, 2024. Procise and GaugeRite submitted the following financial statements for consolidation. There were no intraentity payables on that date On January 1,2023, Procise Corporation acquired 100 percent of the outstanding voting stock of GaugeRite Corporation for $1,980,000 cash. On the acquisition date, GaugeRite had the following balance sheet: At the acquisition date, the following allocation was prepared: Aithough at acquisition date Procise had expected $44,000 in future benefits from Gaugefite's in-process research and development project. by the end of 2023 it was apparent that the research project was a falure with no future economic benefits. On December 31, 2024. Procise and GaugeRite submitted the following financial statements for consolidation. There were no intraentity payables on that date

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