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Questions -
Q1. EU acquired a copyright in exchange for 10,000 ordinary shares, par value P10. The quoted market price on the stock exchange was P15 per share. The copyright was estimated by EU to have a fair market value of P140,000. EU should record the copyright on its books at:
a. P100,000
b. P140,000
c. ZERO
d. P150,000
Q2. On April 1, 2015, Purple Corp. purchased all the assets and assumed all the liabilities of Sable Corp. for P140,000 cash. Sable's total identifiable asset values were as follows: carrying value of assets, P200,000 (estimated fair value, P230,000). Sable's total liabilities were P105,000. The amount of goodwill purchased by Purple Corp. was
a. P45,000
b. P75,000
c. P30,000
d. P15,000
What information will you and your staff need to analyze this investment opportunity?
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