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Prepare the necessary journal entries in the books

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Reference no: EM132939741

Question - The following market values have been agreed upon by the parties over some of SUPERLINES's net asset items:

Accounts receivable, P24,000; Land, P48,000; Buildings, P200,000; Equipment, P120,000; and Bonds payable, P88,000.

PHILRABBIT Company also paid out-of-pocket costs: P6,400 for direct acquisition costs; P12,000 for stock issuance and registration; and P1,600 for indirect acquisition expenses.

Required -

(1) What is the schedule for the computation of goodwill or income from combination.

(2) Prepare the necessary journal entries in the books of PHILRABBIT Company. The journal entries in the books of SUPERLINES Enterprises may be ignored.

(3) Prepare the balance sheet of PHILRABBIT Company just after the merger business combination.

Reference no: EM132939741

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