1. The separate statement of financial positions of Pill Corporation and Seed Company on July 1, 20X2 are as follows: Pill Corporation Seed Company Fair Values P10,000 60,000 140,000 690,000 Book Values Cash Accounts Receivable (net) Inventories Plant Assets (net) Total Assets P550,000 700,000 1,400,000 2,850,000 P5,500,000 P10,000 60,000 120,000 610,000 P800,000 Current Liabilities | Long-term Debt Common Stock, P10 par Additional Paid-In Capital Retained Earnings Total Liabilities and Equity P500,000 1,000,000 1,500,000 1,200,000 1,300,000 P5,500,000 P80,000 400,000 100,000 40,000 180,000 800,000 P80,000 440,000 On the same date, Pill Corporation acquired all the shares of Seed Company's outstanding stock by paying P350,000 to its stockholders.

1. The separate statement of financial positions of Pill Corporation and Seed Company on July 1, 20X2 are as follows: Pill Corporation Seed Company Fair Values P10,000 60,000 140,000 690,000 Book Values Cash Accounts Receivable (net) Inventories Plant Assets (net) Total Assets P550,000 700,000 1,400,000 2,850,000 P5,500,000 P10,000 60,000 120,000 610,000 P800,000 Current Liabilities | Long-term Debt Common Stock, P10 par Additional Paid-In Capital Retained Earnings Total Liabilities and Equity P500,000 1,000,000 1,500,000 1,200,000 1,300,000 P5,500,000 P80,000 400,000 100,000 40,000 180,000 800,000 P80,000 440,000 On the same date, Pill Corporation acquired all the shares of Seed Company's outstanding stock by paying P350,000 to its stockholders.

Name: 1. The separate statement of financial positions of Pill Corporation
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Description: 1. The separate statement of financial positions of Pill Corporation and Seed Company on July 1, 20X2 areas follows:Pill CorporationSeed CompanyFair ValuesP10,00060,000140,000690,000Book ValuesCashAccounts Receivable (net)InventoriesPlant Assets (ne

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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