What amount is credited to gain on bargain purchase

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Reference no: EM132703166

Problem 1: Rostropovich Company purchased the net assets of another entity for P12,000,000. On the date of the transaction, the acquire had P4,000,000 of liabilities. The assets of the acquire at fair value were P6,000,000 for current assets and P12,000,000 for noncurrent assets. What amount is credited to Gain on Bargain Purchase, if any?

Reference no: EM132703166

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