Planter corporation used debentures with a par value of $566,000 to acquire 100 percent of sorden company's net assets on january 1, 20x2. on that date, the fair value of the bonds issued by planter was $550,000. the following balance sheet data were reported by sorden:
balance sheet item historical cost fair value
assets
cash & receivables $59, 000 $53, 000
inventoy 101, 000 203, 000
plant & equipment 413,000 310,000
less: accunulat ed depreciation (168,000)
goodwill 13,000
total assets $480, 000 $675, 000
liabilities and equities
accounts payable $47,000 $47,000
common stock 89,000
additional paid-in capital 60, 000
retained eamings 284, 000
total liabilities& equities $ 480,000
required:
1. determine the amount planter corporation would record as a gain on bargain purchase and prepare the journal entry planter would record at the time of the exchange. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

The following selected circumstances relate to pending lawsuits for erismus, inc. erismus’s fiscal year ends on december 31. financial statements are issued in march 2019. erismus prepares its financial statements according to u.s. gaap. required: indicate the amount erismus would record as an asset, liability, or not accrued in the following circumstances. 1. erismus is defending against a lawsuit. erismus's management believes the company has a slightly worse than 50/50 chance of eventually prevailing in court, and that if it loses, the judgment will be $1,000,000. 2. erismus is defending against a lawsuit. erismus's management believes it is probable that the company will lose in court. if it loses, management believes that damages could fall anywhere in the range of $2,000,000 to $4,000,000, with any damage in that range equally likely. 3. erismus is defending against a lawsuit. erismus's management believes it is probable that the company will lose in court. if it loses, management believes that damages will eventually be $5,000,000, with a present value of $3,500,000. 4. erismus is a plaintiff in a lawsuit. erismus's management believes it is probable that the company eventually will prevail in court, and that if it prevails, the judgment will be $1,000,000. 5. erismus is a plaintiff in a lawsuit. erismus’s management believes it is virtually certain that the company eventually will prevail in court, and that if it prevails, the judgment will be $500,000.