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Delta corp. recorded a provisional amount for an identifiable asset at the date of its acquisition of Century corp. because the asset's fair value was uncertain. Before the measurement period ends, Delta corp. obtains new information that indicates the asset was overvalued by 20,000. How should Delta corp. report the effects of this new information? a. As a reduction in recorded goodwill. b. As an extraordinary loss on the current period income statement. c. As a gain from a bargain purchase. d. As an expense in the current period income statement.
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