Select the correct answer for each of the following questions.
In a business combination, the fair value of the identifiable net assets acquired exceeds the fair value of the consideration given. The excess should be reported as a:
a. Deferred credit.
b. Reduction of the values assigned to current assets and a deferred credit for any unallocated portion.
c. Pro rata reduction of the values assigned to current and noncurrent assets and a deferred credit for any unallocated portion.
d. No answer listed is correct.
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