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On January 1, 2015, Igfried Company purchased 300,000 of the 1,000,000 outstanding common shares of stock of Achelle Corp. Igfried issued 100,000 P10 par value common stock currently trading at P13 per share. Igfried paid P 25,000 for the issuance of the stocks. The investment will be accounted for by the equity method. On that date, Gillen's net assets (book and fair value) were P4,000,000.
Required:
Problem 1. Give the journal entries to record the acquisition.
Problem 2. Determine goodwill or negative goodwill in the purchase of Achelle Corp.
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