Reference no: EM132704692
Sicat Co. will issue share of P10-par common stock for the net assets of Max Co. Sicat's common stock has a current market value of P40 per share. Max balance sheet accounts follow:
Current assets P320,000
Common stock, par P4 (80,000)
Property and Equipment 880,000Additional paid-in-capital (320,000)
Liabilities (400,000) Retained earnings (400,000)
Problem 1: Max current assets and property and equipment, respectively, are appraised at P400,000 and P1,600,000; its liabilities are fairly valued. Accordingly, Sicat Co. issued shares of its common stock with total market value equal to that of Max net assets. To recognize goodwill of P200,000, how many shares were issued?
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