Reference no: EM132632185
Question - Red Corporation will issue common shares with a par value of P10 for the net assets of Blue Company. Red's Common stock has a current market value of P40 per share. Blue's statement of financial position on the date of acquisition follow:
Current assets P320,000
Property and Equipment 880,000
Liabilities 400,000
Common stock, P5 par P80,000
Additional paid in capital 320,000
Retained Earnings 400,000
Blue's current assets are appraised at P400,000 and the property and equipment was also appraised at P1,600,000. Its liabilities are fairly value. Accordingly, Red Corporation issued shares of its common stock with a total market value equal to that of Blue's net assets including goodwill. To recognize goodwill of P200,000, how many shares were to be issued?
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