hite corporation is contemplating the acquisition of smith company net assets on december 31 2011

Required
1. Do value analysis and prepare the entry on the books of Hite Corporation to record the acquisition of Smith Company.
2. Assume that the net income of the Smith business unit is $120,000 for 2012. As a result, the likelihood of paying the contingent consideration is believed to be 90%. What, if any, adjusting entry is required as of December 31, 2012?

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