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What white should record an increase in net assets of

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Question 1: In a business combination accounted as purchase, WHITE Corp. issued non-voting, non-convertible preferred stock with a fair value of P 8,000,000 in exchange for all of the outstanding common stock of GRAY Co. On the acquisition date, GRAY had tangible net assets with a carrying amount of P 4,000,000 and a fair value of P 5,000,000. In addition, WHITE issued preferred stock valued at P 800,000 to an individual as a finder's fee in arranging the transaction. As a result of this transaction, WHITE should record an increase in net assets of

Reference no: EM132674409

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