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Question - On January 2, 2021, X Co. acquired all the ordinary share of Y Co. for P2,060,000. On that date, Y Co. reported the following stockholders' equity account balances: Ordinary share P800,000, Share premium P620,000, accumulated profits P300,000. The assets and liabilities of Y Co had book values that were approximately equal to its fair values, except building that was undervalued by P400,000, and equipment that was overvalued by P120,000. The building that was undervalued has an estimated life of 20 years and the equipment with 5 years useful life. Prior to acquisition, Y Co. has unimpaired goodwill in the amount of P10,000. What is the amount of goodwill to be reported in the consolidated Statement of Financial Position?
Determine the transaction price for this contract. Nair Corp. enters into a contract with a customer to build an apartment building for $1,028,000.
Actual hours needed to complete the production process were 1,900. How much was the labor efficiency variance
At the end of 2014, Carpenter Co. has accounts receivable of $770,380 - Prepare the journal entries to record this transaction
Jefferson Company's demand for its only product exceeds its manufacturing capacity. Compute the overall equipment effectiveness
How will accomplishing these objectives support your success in management? What risks or challenges might a manager encounter if they have not mastered these objectives? Explain.
Prepare all required adjusting journal entries, prepare a complete set of financial statements for the year ended december
Prepare a condensed multi-step 2020 income statement for Grouper Rose Corporation, showing expenses by function
Was Bill ethical in the way he performed the time study test
Kim has a basis in her partnership interest of $15,600, How much gain or loss must Kim recognize on the distribution? What is Kim's ending partnership basis
The 2020 income statement of Cullumber Corporation showed net income of $1,220,800, Calculate earnings per share (EPS) for 2020
Calculate the tax savings for the financial year ended 30 June 2017 from the use of the accelerated depreciation method for tax purposes
Using the data you found in part (a), calculate the average hourly real wage for each year. Calculate the percentage change in the average hourly nominal wage and the average hourly real wage during this year.
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