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How much goodwill should be recognized by toni company

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Reference no: EM132864616

Problem 1: Toni Company purchases Pauleen Company for P13,985,000 cash on January 1, 2020. The book value of Pauleen Company's net assets reported on its December 31, 2019 statement of financial position was P12,620,000. Toni's December 31, 2019 analysis indicated that the fair value of Pauleen's tangible assets exceeded the book value by P560,000, and the fair value of identifiable intangible assets exceeded book value by P245,000. How much goodwill should be recognized by Toni Company when recording the purchase of Pauleen?

Reference no: EM132864616

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