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Question - On December 31, 2013, Peris Company acquired Shanta Company's outstanding stock by paying P400,000 cash and issuing 10,000 shares of its own P30 par value common stock, when the market price was P32 per share. Peris paid legal and accounting fees amounting to P35,000 in addition to stock issuance costs of P8,000. Shanta is dissolved on the date of the acquisition. Balance sheet information for Peris and Shanta immediately preceding the acquisition is shown below, including fair values for Shanta's assets and liabilities.
Peris
Shanta
Book Value
Fair Value
Cash
490,000
140,000
Accounts Receivable
560,000
280,000
Inventory
520,000
200,000
260,000
Land
460,000
150,000
Plant assets - net
980,000
325,000
355,000
Construction permits
380,000
170,000
190,000
Accounts payable
(460,000)
(140,000)
Other accrued expenses
(160,000)
(45,000)
Notes payable
(800,000)
Common stock (P30)
(960,000)
Common stock (P20)
(200,000)
Additional P.I.C
(192,000)
(80,000)
Retained Earnings
(818,000)
(340,000)
Required - Determine the consolidated balances which Peris would present on their consolidated balance sheet for the following accounts:
a. Cash
b. Inventory
c. Construction permits
d. Goodwill
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