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Prepare the journal entries in the books of the corporation

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Question - The condensed statement of financial position of the partnership of Buenaflor ad Gangoso as of Dec. 31, 2015 showed the following:

Total Assets P200,000

Total Liabilities 40,000

Buenaflor, Capital 80,000

Gangoso, Capital 80,000

On this date, the partnership was dissolved and its net assets transferred to a newly-formed corporation. The fair value of the assets was P24,000 more than the carrying value on the firm's books. Each of the partners was issued 10,000 shares of the corporation's P1 par ordinary share.

Prepare the journal entries in the books of the corporation.

Reference no: EM133102987

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