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How much is the goodwill recognized by julius

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Question - On January 1, 2020, Julius Company acquired 40% interest in Ella Company for P4,800,000. Julius already had 25% interest which had been acquired for P1,600,000. The fair value of the identifiable net assets of Ella Co. was P8,800,000. How much is the goodwill recognized by Julius as a result of business combination?

Reference no: EM133189381

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