Business
Business, 11.02.2020 21:18, tsupreme

Petra Corporation paid $10 million in cash to acquire the assets and liabilities of Salisbury Company. Petra also agreed to make an additional cash payment in the future, with an expected present value of $500,000, if certain performance targets are met. Petra paid legal and consulting fees of $400,000 in cash in connection with the merger. A comparison of book and fair values of Salisbury’s assets and liabilities follows: (in thousands) Book Value Fair Value Current assets $ 400 $ 350 Property and equipment, net 4,600 1,600 Patents and trademarks 800 1,500 Current liabilities (600) (600) Long-term debt (2,900) (3,000) Net assets $ 2,300 $ (150)

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