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  3. x co concluded that the fair value of h co was $40

X Co concluded that the fair value of H Co was $40,000 and paid that...

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Accounting

X Co concluded that the fair value of H Co was $40,000 and paid that amount to acquire all of its net assets. H reported assets with a book value of $30,000 and fair value of $49,000 and liabilities with a book value and fair value of $11,500 on the date of combination. X also paid $1,500 to a search firm for legal fees and $3,500 accounting fees related to the acquisition. What amount will be recorded as expenses by X Corporation while recording its investment in H?

Select one: a. 3,500 b. 1,500 c. 0 d. 5,000

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