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Question 1 - On December 31, 2021, JV Company purchased for P4,000,000 cash all of the outstanding ordinary shares of Jinggoy Company when Jinggoy's statement of financial position showed net assets of P3,200,000. Jinggoy's assets and liabilities had fair value different from the carrying amount as follows:
Carrying amount
Fair value
Property, plant and equipment, net
5,000,000
5,750,000
Other assets
500,000
0
Long-term debt
3,000,000
2,800,000
Required - What amount should be reported as goodwill in the December 31, 2021 consolidated statement of financial position of JV Company and its wholly-owned subsidiary?
Question 2 - On January 1, 2019, Chiz Company acquired equipment to be used in its manufacturing operations. The equipment has an estimated useful life of 10 years and an estimated residual value of P50,000. The depreciation applicable to this equipment was P240,000 for 2021 computed under the sum of years' digits method. What was the acquisition cost of the equipment?
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Drake Company's income statement for the most recent year appears below:
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To achieve a profit of 12% of the selling price, what was the regular selling price of one CD? What was the sale price? How much is the profit or loss.
Suppose that Barter Ltd. had been working at less than full capacity to produce 34,000 units of the product when MCL made the offer. What is the minimum price
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rich inc. acquired 30 of doane corp.s voting stock on january 1 2010 for 400000. during 2010 doane earned 160000 and
Question - Sales for the firm was 84,697,167 million in 2021 and 110,190,802 in 2022. What is the sales growth for the firm
There will be no residual value at that time. Considering the uncertainty in your estimates, you expect to earn 9 percent per year on the investment. What should you be willing to pay for this investment now?
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