How should the difference between amount of consideration

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Reference no: EM133921560

Problem

Lux Corp. and Camay Co. agree to combine. Lux purchases the net assets of Camay for P2,650,000. Camay's condensed balance sheet, prior to the combination, follows: An appraisal made by independent appraisers indicates that the fair value of Camay's assets are P1,890,000 for current assets and P2,900,000 for plant and equipment. Get the instant assignment help. How should the difference between the amount of consideration paid by Lux Corp. and the fair value of the Camay Co. a net assets be taken up in the books of Lux Corp.?

Reference no: EM133921560

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