On January 1, 2021, Parent Co. acquired the identifiable net asset of Subsidiary, Inc.. On this date, the identifiable net assets acquired and liabilities assumed have fair values of P7,680,000 and P4,320,000, respectively. Parent Co. incurred the following acquisition-related costs: legal fees, P48,000, due diligence costs, P480,000; and general and administrative costs of maintaining an internal acquisition, P96,000. As consideration, Parent Co. transferred 9,600 of its own shares with par value and fair value per share of P400

On January 1, 2021, Parent Co. acquired the identifiable net asset of Subsidiary, Inc.. On this date, the identifiable net assets acquired and liabilities assumed have fair values of P7,680,000 and P4,320,000, respectively. Parent Co. incurred the following acquisition-related costs: legal fees, P48,000, due diligence costs, P480,000; and general and administrative costs of maintaining an internal acquisition, P96,000. As consideration, Parent Co. transferred 9,600 of its own shares with par value and fair value per share of P400

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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A5
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