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Question - A Co. acquired all the assets and liabilities of B Co. for P1,600,000. Information on B's identifiable assets and liabilities as at the acquisition date is as follows:
Carrying amounts
Fair values
Assets
3,800,000
3,500,000
Liabilities
2,000,000
1,900,000
As at the acquisition, date B Co. has breached a contract with a customer. The customer is seeking damages amounting to P250,000. However, B Co. is currently disputing the customer claim and B Co.'s legal counsel believes they will win the case. Accordingly, B Co. did not recognize a provision. The fair value of settling the claim is P100,000.
Fair value adjustments to the assets acquired and liabilities assumed have deferred tax consequences, but do not affect the tax bases of the assets and liabilities. The tax rate is 30%.
Required - Compute the goodwill.
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