Buyer A Target

CMP 10.0 CMP

Shares Outstanding dilutive 100.0 Shares Outstanding dilutive
Equity Value(before transaction) 1,000.0 Equity Value(before transactio

PBT 500.0 PBT

Buyer Tax rate 30% Target Tax rate
PAT 350.0 PAT
EPS of Buyer 3.5 EPS of Target

Purchase Premium 60%

Purchase price per share 8.0 Yield

Transaction Value (Purchase value) 320

Particulars Amount
% Cash 0% Cash 0
% Debt 0% Debt 0
% Stock 100% Stock 320
Total 100%
No. of Shares Issued
Weighted Average Cost
Yield of Company B
Accretive (Dilutive)

Premiu
Particulars 0% 10% 20% 30%

Purchase Price per share 5.0 5.5 6.0 6.5

Transaction Value 200 220 240 260

Cash Used 0.00 0.00 0.00 0.00

Debt Used 0.00 0.00 0.00 0.00
Stock used 200.00 220.00 240.00 260.00

No. of Shares issued 20 22 24 26

Total Shares o/s of the combined company 120 122 124 126

Pre-tax income of "A" 500.0 500.0 500.0 500.0

Pre-tax income of "B" 160.0 160.0 160.0 160.0
Interest on Cash foregone - - - -
Interest On Loan - - - -
Synergies 8.0 8.0 8.0 8.0
Pretax Income of Combined Company 668.0 668.0 668.0 668.0
Less: Income Tax 200.40 200.40 200.40 200.40
Post Tax income of the combined company 467.60 467.60 467.60 467.60

EPS of the Combined company 3.897 3.833 3.771 3.711

EPS of the standalone Company 3.5 3.5 3.5 3.5
Accretion/Dilution 0.40 0.33 0.27 0.21
Accretion/Dilution(%) 11% 10% 8% 6%
B A is aquiring B
5.0
40.0 EV
200.0 Eq
Acquisition Value
160.0
30%
112.0
2.8

A B
35% 56%

Pre-Tax Cost Buyer Tax rate Post Tax Cost

4% 30% 2.8%
12% 30% 8.4%
35%

32.0
35.0%
35.0%
Neutral

Premium Paid
40% 50% 60% 70% 80% 90% 100%

7.0 7.5 8.0 8.5 9.0 9.5 10.0

280 300 320 340 360 380 400

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00
280.00 300.00 320.00 340.00 360.00 380.00 400.00

28 30 32 34 36 38 40

128 130 132 134 136 138 140

500.0 500.0 500.0 500.0 500.0 500.0 500.0

160.0 160.0 160.0 160.0 160.0 160.0 160.0
- - - - - - -
- - - - - - -
8.0 8.0 8.0 8.0 8.0 8.0 8.0
 668.0 668.0 668.0 668.0 668.0 668.0 668.0
200.40 200.40 200.40 200.40 200.40 200.40 200.40
467.60 467.60 467.60 467.60 467.60 467.60 467.60

3.653 3.597 3.542 3.490 3.438 3.388 3.340

3.5 3.5 3.5 3.5 3.5 3.5 3.5
0.15 0.10 0.04 -0.01 -0.06 -0.11 -0.16
4% 3% 1.2% -0.3% -1.8% -3.2% -4.6%
 JoS A. bank, Clothier and The Men's warehouse
($ in million except per share data)

Target details

Latest Financials available 1-Feb-14

Offer price $ 65.00 Lease commited
Tax rate 38.1%

Basic shares outstaning 27.98

Dilutive shares outstanding 28.05 $ 120.50
$ 73.99
Equity value on date on transact $ 1,823.45 $ 27.48
Less: Cash $ (305.53) $ (305.53) $ -
Less: Investments $ (139.97)
Add: Debt $ - 3.3%
Add: Capitalisation of lease $ 386.62 $386.62
Add: Preference shares $ -
Add: NCI $ -
Add: Unfunded pension obligati $ 0.08
Enterprise value $ 1,764.65
Historical Fo
Target's Income Statement FY 2013 FY 2014

Net sales 1,032.17 1,088.62

Cost of goods sold 435.58 442.06
Total gross margin 596.59 646.57
Sales and marketing, including occupancy costs

Operating expenses
Sales and marketing, including occupancy costs 416.47 425.77
General and administrative 78.09 81.47
Total operating expenses 494.56 507.25
Operating Income (Expenses) 102.03 139.32

Interest income 0.39 0.39

Interest expense (0.04) -
Total other income (expense) 0.35 0.39

Income before provision for income taxes 102.37 139.71

Provision for income taxes 39.05 53.62
Net income 63.33 86.09
 Diluted shares outstanding 28.05 28.05
Earnings per share 2.26 3.07

Historical Fo
Target's Balance Sheet FY 2013 FY 2014

Assets
Current Assets
Cash and cash Equivalents 305.53
Short-term investments 139.97
Accounts receivable 13.59
Inventories 304.32
Prepaid expenses and other current assets 23.06
Total current assets 786.47

Noncurrent assets
Property and equipment at cost 148.97
Other noncurrent assets 0.30
Total Assets 935.74

LIABILITIES AND EQUITY

CURRENT LIABILITIES
Accounts payables 32.95
Accrued expenses 115.02
Deferred tax liability 1.82
Total current liabilities 149.79

Noncurrent Libilities
Deferred rent 41.30
Deferred tax liability-noncurrent 11.16
Other noncurrent liabilities 1.41
Total liabilities 203.65

EQUITY
Preferred stock, -
Common stock 0.28
Additional paid-in capital 95.83
Retained earnings 636.04
Accumulated other comprehensive income (0.06)

Total equity 732.08

935.74
 TOTAL LIABILITIES AND EQUITY
-

Historical Fo
Income statement driver's FY 2013 FY 2014
Stores
Opening balance 602 628
Add: Opened 30 30
Less: Closed -4 -4
Closing balance 628 654

Average sales per store 1.68 1.70

Cost of sales as % of sales 42% 41%

SG&A as % of sales 40% 39%
General admin as % of sales 8% 7%

Provison for tax as % of profit before tax 38% 38%

Dep and Amortization as % of sales 2.9% 3%
Dep and Amortization 29.57 29.93

Historical Fo
Key Metrics FY 2013 FY 2014
EBIT 102.03 139.32
Dep and Amortization 29.57 29.93
EBITDA 131.60 169.25

Gross margin 57.8% 59.4%

EBITDA margin 12.7% 15.5%
EBIT margin 9.9% 12.8%
Net margin 6.1% 7.9%

Effetive tax rate 38% 38%

 Forecast
FY 2015 FY 2016 FY 2017 FY 2018

1,146.12 1,204.65 1,264.23 1,324.85

465.40 489.17 513.37 537.98
680.71 715.48 750.87 786.87

448.26 471.15 494.46 518.16

85.78 90.16 94.62 99.15
534.04 561.31 589.07 617.32
146.68 154.17 161.79 169.55

0.39 0.39 0.39 0.39

- - - -
0.39 0.39 0.39 0.39

147.07 154.56 162.18 169.94

56.45 59.32 62.25 65.23
90.62 95.24 99.94 104.72
 28.05 28.05 28.05 28.05
3.23 3.39 3.56 3.73

Forecast
FY 2015 FY 2016 FY 2017 FY 2018
 Forecast
FY 2015 FY 2016 FY 2017 FY 2018

654 680 706 732

30 30 30 30
-4 -4 -4 -4
680 706 732 758

1.72 1.74 1.76 1.78

41% 41% 41% 41%

39% 39% 39% 39%
7% 7% 7% 7%

38% 38% 38% 38%

3% 3% 3% 3%
31.51 33.12 34.75 36.42

Forecast
FY 2015 FY 2016 FY 2017 FY 2018
146.68 154.17 161.79 169.55
31.51 33.12 34.75 36.42
178.19 187.29 196.55 205.97

59.4% 59.4% 59.4% 59.4%

15.5% 15.5% 15.5% 15.5%
12.8% 12.8% 12.8% 12.8%
7.9% 7.9% 7.9% 7.9%

38% 38% 38% 38%

 Jos. A. Bank Clothiers and The Men's Wearhouse
($ in millions except per share data)

Acquirer Details

Latest Financial Available 31-Dec-13

Unaffected Share Price $ 35.24
Transaction Date Share Price $ 57.14
Tax Rate 33.6%

Basic Shares Outstanding 48.85

Dilutive Shares Outstanding 49.16

Equity Value of Date of Transaction $ 2,809.12

Less: Cash -59.25
Add: Debt 97.5
Add: Capitalized Value of Leases $ 801.56
Add: Unfunded Pension Obligation 0
Less: Investments 0
Add: NCI 14.01
Add: Preference Shares 0
Enterprise Value $ 3,662.93

Acquirer's Income Statement

Net sales
Retail
Retail clothing product
Tuxedo rental services
Alteration and other services
Corporate apparel clothing product sales
Total sales

Cost of sales
Retail
Retail clothing product
Tuxedo rental services
Alteration and other services
Occupancy cost
Corporate apparel clothing product cost of sales
Total cost of sales

Gross Margin
 Retail
Retail clothing product
Tuxedo rental services
Alteration and other services
Occupancy cost
Corporate apparel clothing product gross margin
Total gross margin

Goodwill impairment
Asset impairment
Selling general & admin
Operating Income (EBIT)

Interest income
Interest expenses
Profit before tax
Provison for tax
Profit after tax
Share of profit (loss) of NCI
Net earnings per common share attributable to common shareholders:

Dilluted shares o/s

Diluted EPS

Acquirer's Balance Sheet

Assets
Current Assets
Cash and cash Equivalents
Accounts receivable
Inventories
Other current Assets
Total current assets

Property and equipment at cost

Land
Buliding
Leasehold improvements
Furniture, Fixtures and equipments
Less: accumulated depreciation and amortization
Net property and equipments

Tuxedo rental product,net

 Goodwill
Intangile assets,net
Other assets
Total Assets

LIABILITIES AND EQUITY

CURRENT LIABILITIES
Accounts payables
Accrued expenses and other current liabilities
Income taxes payable
Current Maturities of long term debt
Total current liabilities

Long term debt

Deferred taxes and other liabilities
Total liabilities

EQUITY
Preferred stock,
Common stoc
Capital in excess of par
Retained earnings
Accumulated other comprehensive income
Treasury stock
Total equity attributable to common shareholders
Non controlling interest
Total equity
TOTAL LIABILITIES AND EQUITY

Income Statement Drivers

Stores
Opening Balance
Add: Opened
Less: Closed
Closing Balance

Average Sales per store

Sales Division
Retail
 Retail clothing product
Tuxedo rental services
Alteration and other services
Corporate apparel clothing product sales
Total Sales

Cost of sales as % of sales

Retail
Retail clothing product
Tuxedo rental services
Alteration and other services
Occupancy cost
Corporate apparel clothing product cost of sales

SG&A as % of Sales

Tax Rate

Depreciation and Amortization % sales

Depreciation and Amortization

Debt Schedule
Interest Paid
Total Debt Repayments
Loan Repayments

Key Metrics
EBIT
Dep and Amortization
EBITDA

Gross Margin
EBITDA Margin
EBIT Margin
Net Margin
Capitalisation of Leases
Amount Lease Committed
2014 177.07
2015 162.40
2016 138.25
2017 107.76
2018 82.08 235.23
2019 82.08 153.15
2020 82.08 71.07
2021 71.07 0.00

Cost of debt 3.29% 3.205 Interest Expense

PV of lease obligation $ 801.56 97.5 Principal Outstanding

Historical Forecast
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

1619.7 1691.2 1667.5 1683.9 1711.3 1754.2 1813.3 1889.1

376.9 406.5 411.9 404.1 410.7 421.0 435.1 453.3
142.7 151.1 147.0 149.1 151.5 155.3 160.5 167.3
243.5 239.4 246.8 246.9 250.9 257.2 265.9 277.0
2382.7 2488.3 2473.2 2484.0 2524.4 2587.7 2674.9 2786.7

723.7 756.0 742.0 751.5 763.7 782.8 809.2 843.0

52.6 56.6 64.3 58.6 59.5 61.0 63.1 65.7
107.8 113.8 113.7 113.4 115.3 118.2 122.2 127.3
273.3 283.4 290.9 286.7 291.3 298.6 308.7 321.6
176.3 170.3 173.3 175.9 178.8 183.3 189.5 197.4
1333.8 1380.1 1384.2 1386.1 1408.6 1444.0 1492.6 1555.0
 896.0 935.2 925.6 932.4 947.6 971.4 1004.1 1046.1
324.2 349.9 347.6 345.5 351.1 359.9 372.1 387.6
34.8 37.3 33.3 35.7 36.2 37.1 38.4 40.0
-273.3 -283.4 -290.9 -286.7 -291.3 -298.6 -308.7 -321.6
67.1 69.1 73.5 71.0 72.1 73.9 76.4 79.6
1048.9 1108.1 1089.0 1097.9 1115.8 1143.8 1182.3 1231.7

0.0 0.0 9.5 0.0 0.0 0.0 0.0 0.0

2.0 0.5 2.2 0.0 0.0 0.0 0.0 0.0
861.5 909.1 947.7 951.8 967.3 991.5 1024.9 1067.8
185.4 198.6 129.6 146.1 148.5 152.2 157.4 163.9

0.42 0.65 0.39 0.49 0.49 0.49 0.49 0.49

-1.45 -1.54 -3.21 -2.00 -2.00 -2.00 -2.00 -2.00
184.4 197.7 126.8 144.6 147.0 150.7 155.8 162.4
-63.9 -65.6 -42.6 -48.6 -49.4 -50.6 -52.3 -54.6
120.5 132.1 84.2 96.04 97.62 100.09 103.50 107.87
0.14 -0.3 -0.4 -0.2 -0.2 -0.2 -0.2 -0.2
120.6 131.72 83.79 95.83 97.41 99.88 103.28 107.65

51.7 51.0 49.2 49.2 49.2 49.2 49.2 49.2

2.3 2.6 1.7 1.95 1.98 2.03 2.10 2.19

Historical Forecast
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

125.31 156.06 59.25

56.67 63.01 63.15
572.50 556.53 599.49
70.91 79.55 93.21
825.38 855.15 815.10

13.33 18.52 19.23

95.20 107.07 112.84
405.20 439.08 467.31
453.19 473.45 491.95
(611.21) (649.01) (683.16)
355.72 389.12 408.16

99.81 126.83 142.82

 87.78 87.84 126.00
33.71 32.44 58.03
3.55 4.97 5.13
1,405.95 1,496.35 1,555.23

123.45 123.98 148.76

154.40 164.34 175.80
3.44 5.86 0.73
- 10.00
281.28 294.18 335.29

- 87.50
92.86 92.93 109.29
374.13 387.11 532.08

- - -
0.72 0.73 0.48
362.74 386.25 412.04
1,095.54 1,190.25 572.71
36.92 36.92 27.31
(476.75) (517.89) (3.41)
1,019.16 1,096.26 1,009.14
12.66 12.98 14.01
1,031.82 1,109.24 1,023.15
1,405.95 1,496.35 1,555.23
check - - -

Historical Forecast
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

1,192 1,166 1,143 1,124 1,122 1,130 1,148 1,176

25 37 25 35 45 55 65 75
-51 -60 -44 -37 -37 -37 -37 -37
1,166 1,143 1,124 1,122 1,130 1,148 1,176 1,214

2.02 2.16 2.18 2.21 2.24 2.27 2.30 2.33

 68% 68% 67% 68% 68% 68% 68% 68%
16% 16% 17% 16% 16% 16% 16% 16%
6% 6% 6% 6% 6% 6% 6% 6%
10% 10% 10% 10% 10% 10% 10% 10%
100% 100% 100% 100% 100% 100% 100% 100%

45% 45% 44% 45% 45% 45% 45% 45%

14% 14% 16% 14% 14% 14% 14% 14%
76% 75% 77% 76% 76% 76% 76% 76%
11% 11% 12% 12% 12% 12% 12% 12%
72% 71% 70% 71% 71% 71% 71% 71%

36% 37% 38% 38% 38% 38% 38% 38%

35% 33% 34% 34% 34% 34% 34% 34%

3.2% 3.4% 3.6% 3.8% 4.0% 4.2% 4.4% 4.6%

75.97 84.98 88.75 94.10 100.68 108.38 117.38 127.86

2.0 2.0 2.0 2.0 2.0

12.9 18.4 18.4 28.9 28.9
10.90 16.40 16.40 26.90 26.90

Historical Forecast
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
185.4 198.6 129.6 146.1 148.5 152.2 157.4 163.9
75.97 84.98 88.75 94.10 100.68 108.38 117.38 127.86
261.4 283.5 218.4 240.2 249.2 260.6 274.7 291.8

44% 45% 44% 44% 44% 44% 44% 44%

11.0% 11.4% 8.8% 9.7% 9.9% 10.1% 10.3% 10.5%
7.8% 8.0% 5.2% 5.9% 5.9% 5.9% 5.9% 5.9%
5.1% 5.3% 3.4% 3.9% 3.9% 3.9% 3.9% 3.9%
 Jos. A. Bank Clothiers and The Men's Wearhouse
($ in millions except per share data)
FY 2013 FY 2013 Debit
Combined Balance Sheets Acquirer Target Proforma Adjustments

Assets
Current Assets
Cash and cash Equivalents 59.3 305.53
Short-term investments 139.97
Accounts receivable 63.2 13.59
Inventories 599.5 304.32
Other current Assets 93.2 23.06
Total current assets 815.1 786.5

Capitalized Amortized Cost 57.6

Property and equipment at cost 148.97 14.90
Land 19.2
Buliding 112.8
Leasehold improvements 467.3
Furniture, Fixtures and equipments 491.9
Less: accumulated depreciation and amortization (683.2)
Net property and equipments 408.2 148.97

Tuxedo rental product,net 142.8

Goodwill 126.0 0 539.84
Intangile assets,net 58.0 502.03
Other assets 5.1 0.30
Total Assets 1,555.2 935.74

LIABILITIES AND EQUITY

CURRENT LIABILITIES
Accounts payables 148.8 32.95
Accrued expenses and other current liabilities 175.8 115.02
Income taxes payable 0.7 -
Current Maturities of long term debt 10.0 - (10.0)
Deferred tax liability current portion - 1.82 (1.82)
Total current liabilities 335.3 149.79 -11.819

Long term debt 87.5 - (87.5)

New Debt Taken
Deferred tax liability-noncurrent 11.16 (11.16)
Other noncurrent liabilities 1.41
Deferred rent 41.30 (41.30)
Deferred taxes and other liabilities 109.3 -
Total liabilities 532.1 203.65 (140.0)
EQUITY
Total equity attributable to common shareholders 1,009.14 732.08 (877.96)
Non controlling interest 14.01
Total equity 1,023.15 732.08
TOTAL LIABILITIES AND EQUITY 1,555.23 935.74
Check - -
 Debit -> Add for Assets/ Less for Liab
Credit -> Less for assets/ Add for liabilities
Credit FY 2013
roforma Adjustments Combined Balance Sheet

-301.00 63.8
140.0
76.7
903.8
116.3
1300.57

57.6
163.9
19.2
112.8
467.3
491.9
-683.2
629.7

142.8
0 665.8
560.1
5.4
3304.35

181.7
290.8
0.7
0.0
0.0
473.26

0.0
1,823 1823.4
19.7 19.7
1.4
0.0
109.3
1,843.1 2427.1
 863.3
14.0
877.3
3304.4
-
 Jos. A. Bank Clothiers and The Men's Wearhouse
($ in millions except per share data)

Transaction Assumptions

Date Of Announcement of merger 11-Mar-14

Date of Completion of merger 18-Jun-14

Acquirer The Men's Wearhouse

Acquirer's Ticker NYSE: MW

Target Jos. A. Bank Clothiers

Target's Ticker Nasdaq: JOSB

Unaffected Share Price $ 41.66

Offer Price $ 65.0
Premium $ 23.3
Premium % 56%

Purchase Equity Value $ 1,823.45

Purchase Enterprise Value $ 1,764.65

No. Of Diluted Shares Outstanding 28.05

Advisory Fees 8%
Debt Issuance Fees 3%
Amorization Period (yrs) 5

Minimum Cash balance of the combined company $ 100.0

Pre-deal Cash balance of the combined company $ 504.8 $ 404.75

Sources and Uses of Funds

Sources
Amount
Cash $ -
Debt $ 1,823.45
Equity $ -
Excess Cash $ 301.00
Total $ 2,124.45

Purchase Price Allocation

Calculation of Goodwill
Equity Purchase Price $ 1,823.45
Less: BV of target's equity (732.08)
Add: Existing Goodwill of target 0
Allocable Purchase premium $ 1,091.36 <<<< Max Goodwill possible

Less: Fixed Asset Write up -14.90

Less: Intangible assets (Finite Life) $ (43.65)
Less: Trade Name (Infinite Life) $ (458.37)
Add: New DTL created $ 19.67
DTL Written Off $ (12.98)
Less: Deferred Rent Written Off (41.30)
Goodwill $ 539.84
Financing Details Particulars Amount Pre-Tax Cost
% Cash 0% Cash $ - 0.45%
% Debt 100% Debt $ 1,823.45 5.38%
% Stock 0% Stock $ -
Total 100% No. of Shares Issued
Weighted Average Cost

Synergies Amount 2015 2016 2017 2018

COGS 30 55 135 135 135
SG&A 74
Other 31
Total 135

EYI $425.63

Year EYI Interest Principal Closing Balance

1 $425.6 $ 98.14 $327.49 $ 1,495.96
2 $425.6 $ 80.52 $345.11 $ 1,150.84
3 $425.6 $ 61.94 $363.69 $ 787.16
4 $425.6 $ 42.37 $383.26 $ 403.89
5 $425.6 $ 21.74 $403.89 $ -

Uses
Amount
Equity Purchase Price $ 1,823.4
Advisory fees $ 145.9
Debt Issuance Fees $ 57.6
Refinance Men’s Wearhouse current term loan $ 97.5 $ 301.0
Total $ 2,124.45

Fixed Asset Write Up

 PP&E Write Up % 10%
PP&E Write Up amount 14.90
Goodwill possible Life Of Fixed Asset 10

Intangible Asset identified (infinitely lived)

Trade Name % 42%
Trade Name Amount $ 458.37

Intangible Asset identified With finite life

Other intangible assets % 4%
Other intangible assets amount $ 43.65
Life of Other intangible assets 10

New DTL Created 19.7

Buyer Tax rate Post Tax Cost
33.60% 0.30%
33.60% 3.57%
0% 3.41%
0.00
3.57%

2019
135
 A acq B for 61000

(Target) Balance Sheet of B

Assets BV MV djustments
Plant machinery 8,000 12,000 4,000
Land 25,000 35,000 10,000
Furniture 2,000 1,000 -1,000
Goodwill 1,000 - -1,000
Inventory 6,000 8,000 2,000
Debtors 3,000 3,000 -
Cash 15,000 15,000 -
Total 60,000

Liab + Equity
Equity 25,000

Liab
Debt 15,000 15,000 -
Creditors 5,000 5,000 -
O/S 3,000 3,000 -
Deferrent Rent 10,000 - -10,000
Payables 2,000 3,000 1,000

Total 60,000

Check 0

DTL Creation
1
EBITDA 100
Dep (Earlier) 20
Dep of assets written up 1.49
Dep on Intangibles (finite life 4.37
EBIT 74
Int 0
EBT 74
Less Tax @20% 15
EAT 59

Book taxes 15

EBITDA 100
Dep (Earlier) 20
Dep of assets written up 0
Dep on Intangibles (finite life 0
EBIT 80
Int 0
 EBT 80
Cash Taxes Paid Less Tax @20% 16
EAT 64

Real (Actual Tax Paid) Cash taxes 16

Book taxes 15

Deffered tax Liability 1

 Financed By
Cash 10,000 Intangibles asset identified 3500
Debt 51,000

Category
Asset Write-Up Goodwill Calculation Steps
Asset Write-Up Allocable purchase Premium
Asset Write-down
Equity PP 61,000
Asset Write-Up Less: BV of -25,000
NA Add: Goodwil 1,000
NA Allocable p 37,000

Less: Asset Write Up

Plant Machi -4,000.0
Land -10,000
Inventory -2,000
NA Intangibles -3500
NA
NA Add: Asset Write Down
Liability Write down Furniture 1,000
Liability Write Up
Less: Liability Write Down
Deffered Re -10,000

Add: Liability Write Up

Payables 1,000

Goodwill 9,500

2 3 4 5 6 7 8 9 10
100 100 100 100 100 100 100 100 100
20 20 20 20 20 20 20 20 20
1 1 1 1 1 1 1 1 1
4 4 4 4 4 4 4 4 4
74 74 74 74 74 74 74 74 74
0 0 0 0 0 0 0 0 0
74 74 74 74 74 74 74 74 74
15 15 15 15 15 15 15 15 15
59 59 59 59 59 59 59 59 59

15 15 15 15 15 15 15 15 15

100 100 100 100 100 100 100 100 100

20 20 20 20 20 20 20 20 20
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
80 80 80 80 80 80 80 80 80
0 0 0 0 0 0 0 0 0
80 80 80 80 80 80 80 80 80
16 16 16 16 16 16 16 16 16
64 64 64 64 64 64 64 64 64

16 16 16 16 16 16 16 16 16
15 15 15 15 15 15 15 15 15

1 1 1 1 1 1 1 1 1