pls answer and provide solution and explanation companies prior to the business combination and immediatcly following the combinationshares of its ordinary shares on January 2, 2020. Partial balance sheet data for theGabriel Corporation acquired all the assets and liabilities of Miguel Corporation by issuingCHAPTER 1: BUSINESS CO MBINATIONPage 56is provided:ConsolidatedBalance90,00020,000 94,00045,000 T 88,000400,000 1150,000 650,000GabrielMiguelCorporation Corporation65,00072,00033,00025,000CashAccounts receivableInventoryBuildings and equipment (net)GoodwillTotal Assets240,000 ?570,00050,000250,000100,00065,000105,000570,00025,000(2t100,00075,000350,000Accounts payableBonds payableCommon stock, P2 par stk shaesAdditional paid-in capitalRetained earningsTotal Liabilities and Equities25,000 35x 160,000 :20,000 245,000 o70,000240,000?75K37. How much is the quoted price of Gabriel's shares on the date of acquisition?a PI1.14b. PS.63c. P6.00а. Р8.00How much is the goodwill (gain) on combination?a P125,000b. P13,000c. (P57,000)d. (P32,000)

In case one company overtake the assets and liabilities of another company , then accounting for…

companies prior to the business combination and immediately following the combination . Gabriel Corporation acquired all the assets and liabilities of Miguel Corporation by isuing CHAPTER 1: BUSINESS COMBINATION Page 56 shares of its ordinary shares on January 2, 2020. Partial balance sheet data ing is provided: Consolidated Balance 90,000 Gabriel Miguel Cash Accounts receivable Inventory Buildings and equipment (net) Goodwill Corporation Corporation 65,000 72,000 33,000 400,000 25,000 1 20,000 94,000 45,000 T 88,000 u150,000 650,000 Total Assets 570,000 240,000 Accounts payable Bonds payable Common stock, P2 par stk shaes Additional paid-in capital Retained carnings Total Liabilities and Equities 50,000 250,000 100,000 65,000 105,000 570,000 25,000 100,000 25,000 35x 160,000-: 20,000 245,000 o 70,000 240,000 75,000 350,000 37. How much is the quoted price of Gabriel's shares on the date of acquisition? a PIL.14 b. PS.63 c. P6.00 d. P8.00 How much is the goodwill (gain) on combination? a P125,000 ь. Р13,000 c. (P57,000) d. (Р32,000)

companies prior to the business combination and immediately following the combination . Gabriel Corporation acquired all the assets and liabilities of Miguel Corporation by isuing CHAPTER 1: BUSINESS COMBINATION Page 56 shares of its ordinary shares on January 2, 2020. Partial balance sheet data ing is provided: Consolidated Balance 90,000 Gabriel Miguel Cash Accounts receivable Inventory Buildings and equipment (net) Goodwill Corporation Corporation 65,000 72,000 33,000 400,000 25,000 1 20,000 94,000 45,000 T 88,000 u150,000 650,000 Total Assets 570,000 240,000 Accounts payable Bonds payable Common stock, P2 par stk shaes Additional paid-in capital Retained carnings Total Liabilities and Equities 50,000 250,000 100,000 65,000 105,000 570,000 25,000 100,000 25,000 35x 160,000-: 20,000 245,000 o 70,000 240,000 75,000 350,000 37. How much is the quoted price of Gabriel's shares on the date of acquisition? a PIL.14 b. PS.63 c. P6.00 d. P8.00 How much is the goodwill (gain) on combination? a P125,000 ь. Р13,000 c. (P57,000) d. (Р32,000)

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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