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Problem 1: Carpenter Co. acquires 100% controlling interest in Wood Co. by issuing 2,000 shares with par value per share of P 100 and fair value per share of P 500. Carpenter Co. incurs stock issuance costs of P 10 per share. On acquisition date, Wood Co.'s identifiable assets and liabilities have fair values of P 2,800,000 and P 1,600,000, respectively. Carpenter Co. incurred P 40,000 in hiring an independent appraiser to value Wood's assets and liabilities. After the combination. Carpenter intends to eliminate some of Wood's activities. The estimated costs are P 20,000. In addition, Carpenter Co. expects to incur losses of P 80,000 during the first year after the business combination. How much is the goodwill (gain on bargain purchase)?
Both companies use a perpetual inventory system. Prepare the journal entries that Hinds Company made to record 1) the sale of merchandise
Leigh, who owns a 50% interest in a sporting goods store, was a material participant in the activity for the last fifteen years. She retired from the sporting goods store at the end of last year and will not participate in the activity in the futu..
For a leased asset under a lease that qualifies as a capital lease, the depreciation period used by the lessee must be:
Sharing the remainder of the income/loss using a ratio of 20% for Cleary, 40% for Wasser, and 40% for Nolan.What was Cleary's capital balance at the end of 2012
Analyse the physical internal control weaknesses in the system. Model your response according to the six categories of physical control activities
You have been engaged to review the financial statements of Pharoah Corporation. Prepare the necessary correcting entries
Calculate the current ratio, profit margin, and after tax ROE for the company you chose, and then explain whether these ratios are favorable or unfavorable.
James Band Sdn Bhd produces milk at a total cost of RM66,000. If James Band Sdn Bhd processes the milk into ice cream, how much is incremental profit or loss
Interest is payable semiannually on April 1 and October 1. What amount did Sunshine receive from the bond issuance
below is the budgeted production and sales information for bluebird company for the month of december product xxx
The following information was received from Sheltie Manufacturing. Product liability lawsuits 200,000. Compute the total internal failure costs
Prepare to write a business report and Write the final business report - how to go about using itto help their clients. The partners have varying opinions
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