Please help me to solve this problem PROBLEM SOLVING:INSTRUCTIONS: Answer the question/s on each problem. Show allsupporting computations on the space provided.11. Separate statement of financial positions of Pill Corporation and Seed Corporationon May 31, 2022, together with current fair values of Seed's identifiable net assets,are as follows:Seed Corp.Pill Corp.Book valueBook valueFair valueCashP 55,000P 1,000P 1,0006,000Accounts receivable (net)70,0006,000Inventories140,00012,00014,000Plant assets (net)285,00061,00069,000Goodwill25,0005,0007,500Total AssetsP 575,000P85,000Current liabilitiesP 50,000P 8,0008,000Long-term debt100,00040,00044,000Ordinary shares, P 1 par150,00010,000Share premium120,0009,000Retained earnings155.00018.000Total liabilities & SHEP 575,000P85,000On May 31, 2022, Pill acquired 8,000 shares of Seed's outstanding stock by payingP 30,000 cash to Seed's shareholders and P 5,000 cash for legal and broker's feesrelating to the business combination.a) In the consolidated statement of financial position as of May 31, 2022, 1what amount of goodwill will be reported?b) Prepare the working paper entries needed to prepare the consolidatedfinancial statements for Pill Corp. and its subsidiary on May 31, 2022.

As per IFRS 3 At the time of business combination or acquisation 1) All assests and liablities…

ROBLEM SOLVING: INSTRUCTIONS: Answer the question/s on each supporting computations on the space provided. Separate statement of financial positions of Pill Corporation on May 31, 2022, together with current fair values of Seed's are as follows: Pill Corp. Book value Book v Cash P 55,000 P 1 Accounts receivable (net) 70,000 6 Inventories 140,000 12

ROBLEM SOLVING: INSTRUCTIONS: Answer the question/s on each supporting computations on the space provided. Separate statement of financial positions of Pill Corporation on May 31, 2022, together with current fair values of Seed's are as follows: Pill Corp. Book value Book v Cash P 55,000 P 1 Accounts receivable (net) 70,000 6 Inventories 140,000 12

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 98.3C

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