Hello, I can't seem to get this sample problem that is given in our textbook(reading the book in advance). The needed answer is:Goodwill to be recorded by Avril Company on September 1, 2020 I feel like my answer is off from the real answer. Statement of financial position reflecting uniform accounting procedures, as well as fair valuesthat are to be used as basis of the combination are prepared on September 1, 2020 as follows:Beryl Co. Caryl Company1,800,000Avril Co.10,500,000 13,600,000Assets5,300,0002,400,0001,000,000(800,000) 4,900,00010,500,000 13,600,0007,900,0003,400,0001,060,000550,000LiabilitiesCapital stock; all P10 parAdditional paid in capitalRetained earnings (deficit)Total equities280,000(90,000)1,800,000Avril company shares have a market value of P22 per share. Market values is not available forshares of Beryl Co. and Caryl Co.On September 1, 2020 Avril Co. acquires all of the assets and assumes the liabilities of Beryl Co.and Caryl Co. by issuing 400,000 shares of its stock to Beryl Company and 58,000 shares of itsstock to Caryl Co. Avril Co pays P20,000 for registering and issuing securities and P40,000 forother acquisition costs of combination.

In case one company overtake the assets and liabilities of another company , then accounting for…

Statement of financial position reflecting uniform accounting procedures, as well as fair values that are to be used as basis of the combination are prepared on September 1, 2020 as follows: Beryl Co. Caryl Company 1,800,000 Avril Co. 10,500,000 13,600,000 Assets Liabilities Capital stock; all P10 par Additional paid in capital Retained earnings (deficit) Total equities Avril company shares have a market value of P22 per share. Market values is not available for shares of Beryl Co. and Caryl Co. On September 1, 2020 Avril Co. acquires all of the assets and assumes the liabilities of Beryl Co. and Caryl Co. by issuing 400,000 shares of its stock to Beryl Company and 58,000 shares of its stock to Caryl Co. Avril Co pays P20,000 for registering and issuing securities and P40,000 for 7,900,000 1,060,000 5,300,000 2,400,000 3,400,000 550,000 280,000 1,000,000 (800,000) 4,900,000 10,500,000 13,600,000 (90,000 1,800,000 other acquisition costs of combination.

Statement of financial position reflecting uniform accounting procedures, as well as fair values that are to be used as basis of the combination are prepared on September 1, 2020 as follows: Beryl Co. Caryl Company 1,800,000 Avril Co. 10,500,000 13,600,000 Assets Liabilities Capital stock; all P10 par Additional paid in capital Retained earnings (deficit) Total equities Avril company shares have a market value of P22 per share. Market values is not available for shares of Beryl Co. and Caryl Co. On September 1, 2020 Avril Co. acquires all of the assets and assumes the liabilities of Beryl Co. and Caryl Co. by issuing 400,000 shares of its stock to Beryl Company and 58,000 shares of its stock to Caryl Co. Avril Co pays P20,000 for registering and issuing securities and P40,000 for 7,900,000 1,060,000 5,300,000 2,400,000 3,400,000 550,000 280,000 1,000,000 (800,000) 4,900,000 10,500,000 13,600,000 (90,000 1,800,000 other acquisition costs of combination.

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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