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What amount should shark report as goodwill in its april

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Problem 1: On April 30, 2019, Shark Corporation purchased for P30 per share all 200,000 of Fins Corporation's outstanding ordinary share. On this date, Fin's balance sheet showed net assets of P5,000,000. Additionally, the fair value of Fin's identifiable assets on the same date was P600,000 in excess of their carrying amount. What amount should Shark report as goodwill in its April 30, 2019 consolidated balance sheet?

Option 1: 0
Option 2: 400,000
Option 3: 600,000
Option 4: 1,000,000

Reference no: EM132790884

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