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3. When Peter Company acquired Sam Company's net assets by issuing its own capital stock, it had the following expenditures: Broker's fee Pre-acquisition audit fee Legal fees for merger agreement Audit fee for SEC registration of stock issue Printing of stock certificates P80,000 50,000 45,000 60,000 15,000 Under IFRS #3 Revised, the expenditures that should be debited to share premium is a PI5,000 b. P175,000 C. P120,000 d. P75,000

3. When Peter Company acquired Sam Company's net assets by issuing its own capital stock, it had the following expenditures: Broker's fee Pre-acquisition audit fee Legal fees for merger agreement Audit fee for SEC registration of stock issue Printing of stock certificates P80,000 50,000 45,000 60,000 15,000 Under IFRS #3 Revised, the expenditures that should be debited to share premium is a PI5,000 b. P175,000 C. P120,000 d. P75,000

FINANCIAL ACCOUNTING
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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3. When Peter Company acquired Sam Company's net assets by issuing its own capital stock, it had the following expenditures: Broker's fee Pre-acquisition audit fee Legal fees for merger agreement Audit fee for SEC registration of stock issue Printing of stock certificates P80,000 50,000 45,000 60,000 15,000 Under IFRS #3 Revised, the expenditures that should be debited to share premium is: a PI5,000 b. P175,000 c. P120,000 d. P75,000
Transcribed Image Text:3. When Peter Company acquired Sam Company's net assets by issuing its own capital stock, it had the following expenditures: Broker's fee Pre-acquisition audit fee Legal fees for merger agreement Audit fee for SEC registration of stock issue Printing of stock certificates P80,000 50,000 45,000 60,000 15,000 Under IFRS #3 Revised, the expenditures that should be debited to share premium is: a PI5,000 b. P175,000 c. P120,000 d. P75,000
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