Gumiho Corporation acquired Forest Company through an exchange of common shares. All of Foresť's assets and liabilities were immediately transferred to Gumiho. Gumiho's common stock was trading at P20 per share at the time of exchange. Following selected information is also available. Before Acquisition P400,000 After Acquisition P500,000 Par value of shares outstanding Additional Paid-in Capital P700,000 P1,100,000 Based on the proceeding information, what is the number of shares was issued at the time of the exchange?

Gumiho Corporation acquired Forest Company through an exchange of common shares. All of Foresť's assets and liabilities were immediately transferred to Gumiho. Gumiho's common stock was trading at P20 per share at the time of exchange. Following selected information is also available. Before Acquisition P400,000 After Acquisition P500,000 Par value of shares outstanding Additional Paid-in Capital P700,000 P1,100,000 Based on the proceeding information, what is the number of shares was issued at the time of the exchange?

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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