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Rock Solid Manufacturing, Inc., has acquired the net assets ofJelly Soft Manufacturing, Inc., for $10 million and now needs toaddress how the acquisition should be recorded on its books forfinancial reporting purposes and which intangible assets must beamortized and which must be tested for impairment in thefuture.Case Study Requirements: Given the information provided below,solve for the goodwill amount then allocate the purchase price of$10 million to the appropriate assets acquired and liabilitiesassumed in accordance with ASC 805 – Business Combinations. Thenidentify which assets are tangible and which are intangible.Identify which intangible assets must be amortized and which mustbe tested for impairment in the future.Fair Values:Cash - $800Accounts receivable - $1,500Inventory - $850Equipment - $500Building - $1,200Customer relationships (finite life) - $2,300Patents (finite life) - $600Trademarks (indefinite life) - $400Goodwill – (solve for)Accounts payable - $500Accrued payroll - $50Note payable – bank - $950