Reference no: EM132632183
Question - P Corporation issued 120,000 shares of P10 par common stock with a fair value of P2,550,000 for all the outstanding stock of M Company. In addition, P incurred the following costs
Professional fees to arrange the business combination P27,000
Cost of SEC Registration 12,000
Cost of printing and issuing stock certificates 3,000
Immediately before the business combination in which M company was dissolved, M's assets and equities were as follows (in thousands)
Accounts Book value Fair value
Current assets P1,000 P1,100
Plant assets 1,500 2,200
Liabilities 300 300
Common stock 2,000
Retained earnings 200
Required - What is the amount of goodwill (gain on acquisition)?
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