Reference no: EM132894071
Kiwi Co. purchased another entity for P5,000,000 cash. The carrying amount and fair value were associated with this acquisition:
Carrying amount Fair value
Accounts receivable 2,000,000 2,000,000
Inventory 1,000,000 500,000
Government contract 1,000,000
Equipment 400,000 500,000
Short-term loan payable (2,000,000) (2,000,000)
Net assets 1,400,000 20,000,000
Problem 1: The fair value associated with the acquired entity's government contract is not based on any legal or contractual relationship. In addition, for obvious reason, there is no open market trading for an intangible of this sort. What is the goodwill arising from the acquisition?
a) P0
b) P3,000,000
c) P3,600,000
d) P4,000,000
e) answer not given
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