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Question - ACCOUNTING FOR BUSINESS COMBINATION - CONSOLIDATION - DATE OF ACUISITION - Pit Corporation acquired 80% of the outstanding stock of Sam Company. The separate statement of financial position of Pit Corporation immediately after the acquisition and the consolidated statement of financial position are as follows:
Pit Comp
Consolidated
Current asset
P106,000
P146,600
Investment in Sam Company
100,000
0
Goodwill
7,500
Property and Equipment (net)
270,000
359,900
Total
P476,000
P514,000
Current Liabilities
15,000
P28,000
NCI
25,000
Ordinary Share
350,000
Retained Earnings
111,000
476,000
514,000
P12,500 of the excess payment for the investment in Sam was ascribed to undervaluation of its property and equipment; the balance of the excess payment was ascribed to goodwill. Current assets of Sam included a P2,000 receivable from Pit which arose before the combination.
Required -
1. What was the total of the current assets on Sam's separate statement of financial position at the time Pit acquired its 80% interest?
2. What was the stockholders' equity of Sam Company before Pit acquire its 80% interest?
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