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On July 1, 2020, MAC acquired the net assets of GOOGLE by paying cash of P230,000 and by issuing 10,000 shares at P105 each. A contingent consideration of P125,000 stated at fair value is expected to be incurred. On this date the plant assets of MAC and GOOGLE have fair values of P2,500,000 and P1,080,000, respectively. Also, GOOGLE has an unrecorded accounts payable of P50,000. MAC paid in cash stock issuance cost of P55,000 and also incurred other acquisition costs of P45,000 which was unpaid on the date of business combination.
Problem 1: What amount would be shown on the on the books of the surviving company as total assets, and Retained Earnings.
A. P 950,000
B. P 995,000
C. P 955,000
D. P 1,000,000
Why do you think Congress requires the recognition of gain on the distribution of appreciated property but does not allow the recognition of loss on depreciated property in a nonliquidating distribution?
Hamilton Realty Company, Inc.'s income statement accounts at the end of its fiscal year, December 31, follow
How many units must be sold to make a profit of $250,000? Calculate the new profit or loss if the changes are implemented. Would you recommend management make the changes? Why or whynot?
S Corp - Income Allocation. How is income allocated to S corporation shareholders? Please provide at least 200 words with References.
on jul 1 2009 gerdin company borrowed 100000. the company signed a note payable with interest at 6 per year. the note
Wheelco, a foreign corporation, manufactures motorcycles for sale worldwide. Compute Wheely's interest expense deduction
The CEO of your company has asked you to prepare a written presentation to be given at the next board of directors meeting on why different types of cost information need to be reported to support different managerial purposes and decisions. In a ..
Prepare a bank reconciliation for data were accumulated for use in reconciling the bank account of Mathers Co. for July,Bank debit memo for service charges
Kourtney Bow, a product manager at Roger, is charged with recommending a price for the item
Complete the installment payments schedule for the first 2 years. (Round answers to 0 decimal places, e.g. 125. Use rounded amounts for future calculations.
What is the breakeven point in sales dollars
Maple, Inc. manufactures syrup that goes through three processing stages prior to completion. Compute the equivalent units of production
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