Hope you could help me with this Accounting problem. Thanks in advance! <3 On January 1, 2021, BENI Co. issued shares of its P5 par value share capital to acquire all the net assets of PATTYCompany, which was liquidated immediately thereafter. Cost of issuing equity instruments amounting to P5,000were incurred and paid by BENI Co., aside from the indirect acquisition costs amounting P3,000. The Statement ofFinancial Position for BENI Co. and the Statement of Financial for the combined company under the purchasemethod are presented below.BENI CO.CombinedBENI CO. CombinedCash70,000100,000 Accounts Payable40,00060,000Accounts Receivable180,000 Bonds Payable220,000 Ordinary Share Capital130,000100,000160,000Inventory100,000200,000240,000Land100,000175,000 Share Premium60,000420,000550,000 Retained Earnings247,000Buildings and EquipmentAccumulated Depreciation400,000250,000150,000150,000Goodwill52,000Shortly after the above information was complied, a fire destroyed the accounting records. You have beenemployed to determine the fair value of the shares issued by BENI Co. to acquire PATTY.

Fair value of the shares of a corporation is the valuation of the common stock by its actual value.…

Co. and the Statement of Financial forthe combined company under the purchase method are presented below. BENI CO. Combined BENI CO. Combined 60,000 160,000 Cash 100,000 Accounts Payable 180,000 Bonds Payable 220,000 Ordinary Share Capital 40,000 100,000 200,000 70,000 Accounts Receivable 130,000 Inventory 100,000 240,000 Land 175,000 Share Premium 60,000 250,000 100,000 420,000 Buildings and Equipment Accumulated Depreciation 550,000 Retained Earnings 400,000 150,000 247,000 150,000 Goodwill 52,000 Shortly after the above information was complied, a fire destroyed the accounting records. You have been employed to determine the fair value of the shares issued by BENI Co. to acquire PATTY.

Co. and the Statement of Financial forthe combined company under the purchase method are presented below. BENI CO. Combined BENI CO. Combined 60,000 160,000 Cash 100,000 Accounts Payable 180,000 Bonds Payable 220,000 Ordinary Share Capital 40,000 100,000 200,000 70,000 Accounts Receivable 130,000 Inventory 100,000 240,000 Land 175,000 Share Premium 60,000 250,000 100,000 420,000 Buildings and Equipment Accumulated Depreciation 550,000 Retained Earnings 400,000 150,000 247,000 150,000 Goodwill 52,000 Shortly after the above information was complied, a fire destroyed the accounting records. You have been employed to determine the fair value of the shares issued by BENI Co. to acquire PATTY.

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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