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What total cost should be recognized for the new shares

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Question - Knowie Company owned 50,000 ordinary shares of Bergs Company. These 50,000 shares were purchased by KNOWIE for P100 per share and classified as FVOCI. Knowie was entitled to buy one new share of Bergs Company for 80 cash and 4 of these rights. On August 30, Bergs distributed 50,000 share rights to Knowie and on this date, the market value per share is 120 and the market value per right is 30. What total cost should be recognized for the new shares that are acquired by exercising the rights?

Reference no: EM133180974

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