n December 1, 20x1, PRC Co acquired all the identifiable assets and liabilities of BOA Co for P3,000,000. BOA's net identifiable assets were valued at P2,180,000. This am
On December 1, 20x1, PRC Co acquired all the identifiable assets and liabilities of
BOA Co for P3,000,000. BOA's net identifiable assets were valued at P2,180,000.
This amount included a provisional amount of P150,000 assigned to the patent to
which the fair value is not readily determinable. BOA tentatively amortized the patent
over 5 years using a straight-line method in 20x1. On July 1, 20x2, an independent
appraiser determined that the patent's fair value on the acquisition date was
P70,000, and the remaining useful life as of that date is 3 years. Additionally, on
September 1, 20x2, the stock market crashed due to a pandemic. Various trading
securities acquired from BOA with an acquisition date fair value of P400,000 now
have a fair value only of P120,000. How much should be the amount of adjustments
to restate the
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