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What is the percent of control acquired by luke co

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Loom Co. acquired a controlling interest in Zoom Co. for P120,000 in the open market. Share Capital of Zoom Co. at the time of acquisition is P125,000, with a par value of P100 per share, and its retained earnings amounted to P50,000. Zoom Co. stock is selling at P120 in the open market.

Question 1. What is the percent of control acquired by Luke Co.?

Question 2. What is the result of the stock acquisition?

Reference no: EM132844165

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