I have a basket purchase for a group of assets in which some items have fair value above book and other have only book lower than cost due to depreciation. I can use the fair values to determine % of the basket purchase price to allocate. I have a couple assets remaining with only book value and original cost which when I work through allocation on either I end up short of the total purchase. I'll account for this as goodwill but I'm stuck on whether to use the book or cost in the absence of reasonable determination of fair value. I've asked a couple accounting friends and the feedback has been diferent with each I've asked. What should I do with this? I'm unable to determine fair value even though that would be the best resolution.
Thanks.
Thanks.