Homework Help is Here – Start Your Trial Now!
Business
Accounting
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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

pls answer and provide solution and explanation

companies prior to the business combination and immediatcly following the combination shares of its ordinary shares on January 2, 2020. Partial balance sheet data for the Gabriel Corporation acquired all the assets and liabilities of Miguel Corporation by issuing CHAPTER 1: BUSINESS CO MBINATION Page 56 is provided: Consolidated Balance 90,000 20,000 94,000 45,000 T 88,000 400,000 1150,000 650,000 Gabriel Miguel Corporation Corporation 65,000 72,000 33,000 25,000 Cash Accounts receivable Inventory Buildings and equipment (net) Goodwill Total Assets 240,000 ? 570,000 50,000 250,000 100,000 65,000 105,000 570,000 25,000 (2t 100,000 75,000 350,000 Accounts payable Bonds payable Common stock, P2 par stk shaes Additional paid-in capital Retained earnings Total Liabilities and Equities 25,000 35x 160,000 : 20,000 245,000 o 70,000 240,000 ?75K 37. How much is the quoted price of Gabriel's shares on the date of acquisition? a PI1.14 b. PS.63 c. P6.00 а. Р8.00 How much is the goodwill (gain) on combination? a P125,000 b. P13,000 c. (P57,000) d. (P32,000)
Transcribed Image Text:companies prior to the business combination and immediatcly following the combination shares of its ordinary shares on January 2, 2020. Partial balance sheet data for the Gabriel Corporation acquired all the assets and liabilities of Miguel Corporation by issuing CHAPTER 1: BUSINESS CO MBINATION Page 56 is provided: Consolidated Balance 90,000 20,000 94,000 45,000 T 88,000 400,000 1150,000 650,000 Gabriel Miguel Corporation Corporation 65,000 72,000 33,000 25,000 Cash Accounts receivable Inventory Buildings and equipment (net) Goodwill Total Assets 240,000 ? 570,000 50,000 250,000 100,000 65,000 105,000 570,000 25,000 (2t 100,000 75,000 350,000 Accounts payable Bonds payable Common stock, P2 par stk shaes Additional paid-in capital Retained earnings Total Liabilities and Equities 25,000 35x 160,000 : 20,000 245,000 o 70,000 240,000 ?75K 37. How much is the quoted price of Gabriel's shares on the date of acquisition? a PI1.14 b. PS.63 c. P6.00 а. Р8.00 How much is the goodwill (gain) on combination? a P125,000 b. P13,000 c. (P57,000) d. (P32,000)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Procedural Coding: CPT and HCPCS
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS