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Does this affect the building fair value

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Question - Subsidiary owns a huge office building in Manhattan. Parent acquires Subsidiary on January 1. Parent could not determine the fair value of the building in time to report the business combination. Parent does its best and uses provisional amounts. Now Parent has one year from the acquisition date to figure out the fair value of the building. On March 1, the Parent discovered that the murals in the building's library, that were there for 100 years, were painted by Van Gogh. Because of these Van Gogh murals, the building is worth an additional $10,000,000. Does this affect the building's fair value? Why or why not?

Reference no: EM133170851

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