Diamond Enterprises acquired assets and liabilities of Silver Company for Silver's book value at the balance sheet date. At that date, Diamond's equipment had a net book value and market value of P210,000 and P300,000, respectively while Silver's equipment had a net book and market value of P70,000 and P70,000, respectively. What amount of equipment (net) would appear on the balance sheet after combination? (do not use comma on the answer. Follow this format: P1 250 000)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Diamond Enterprises acquired assets and liabilities of Silver Company for Silver's book
value at the balance sheet date. At that date, Diamond's equipment had a net book value
and market value of P210,000 and P300,000, respectively while Silver's equipment had a
net book and market value of P70,000 and P70,000, respectively.
What amount of equipment (net) would appear on the balance sheet after combination?
(do not use comma on the answer. Follow this format: P1250 000)
Transcribed Image Text:Diamond Enterprises acquired assets and liabilities of Silver Company for Silver's book value at the balance sheet date. At that date, Diamond's equipment had a net book value and market value of P210,000 and P300,000, respectively while Silver's equipment had a net book and market value of P70,000 and P70,000, respectively. What amount of equipment (net) would appear on the balance sheet after combination? (do not use comma on the answer. Follow this format: P1250 000)
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