Reference no: EM133046047
Question - Bow Company's current reporting period ends on December 31, 20x1. The following transactions occurred after the end of reporting period:
a. On January 5, 20x2, Bow declared P4,000,000 dividends.
b. On January 15, 20x2, Bow issued 1,000 shares with par value per share of P200 for $1,200 per share.
c. On January 20, 20x2, Bow installed an oil rig. Current legislation requires that the oil rig be uninstalled at the end of its useful life and the site where it was installed be restored. Bow estimates the present value of the decommissioning and restoration cost at P2,000,000.
d. On February 1, 20x2, a building with a carrying amount as of December 31, 20x1 of P1,000,000 was totally razed by fire.
e. On February 10, 20x2, Bow received notice of a litigation in relation to an accident that happened on December 31, 20x1. Bow estimates a probable loss of P400,000.
f. On March 5, 20x2, Bow purchased a subsidiary for P20,000,000 in a business combination accounted for using the acquisition method. Goodwill of P5,000,000 was recognized on the business combination.
The financial statements were authorized for issue on March 1, 20x2.
Required - Compute the total amount of adjusting events.
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