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Question - On December 31, 2007, XY Corporation was merged into AB Corporation. In the business combination, AB issued 172,000 shares of its P23 par common stock, with a market price of P47 per share. Fair market value agree with book values, additional cash payments made by AB Corp. in completing the acquisition were cost of maintaining a department, P23,500 and stock issuance cost, P33,800. The stockholders' equity section of each company's balance sheet immediately before the combination was:
AB
XY
Common stock
P8,450,000
P5,360,000
APIC
3,700,000
1,850,000
Retained earnings
4,080,000
3,670,000
Required -
1. How much is the net increase in additional paid-in-capital to be recorded in the books of the surviving company as a result of the business combination?
2. How much is the retained earnings immediately following the business combination?
3. Assuming a goodwill of P118,000 was recorded in the books of the surviving company, as a result of the business combination, AB Corporation issued how many shares of stocks?
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