On August 1, ABC Corporation acquired 80 percent of XYZ Corporation for P560,000. XYZ Corporation had the following book and market values at acquisition date. * Book Value P50,000 140,000 530,000 210,000 Market Value P50,000 200,000 600,000 Cash Inventory Plant Assets (net) Cost of Goods Sold Depreciation Expense 60,000 Liabilities Common Stock (230,000) (10,000) (350,000) (430,000) (230,000) Retained Earnings Sales What is the goodwill recognized on the acquisition date balance sheet? Your answer

On August 1, ABC Corporation acquired 80 percent of XYZ Corporation for P560,000. XYZ Corporation had the following book and market values at acquisition date. * Book Value P50,000 140,000 530,000 210,000 Market Value P50,000 200,000 600,000 Cash Inventory Plant Assets (net) Cost of Goods Sold Depreciation Expense 60,000 Liabilities Common Stock (230,000) (10,000) (350,000) (430,000) (230,000) Retained Earnings Sales What is the goodwill recognized on the acquisition date balance sheet? Your answer

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA2: Investments

Section: Chapter Questions

Problem 30E

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On August 1, ABC Corporation acquired 80 percent of XYZ Corporation for P560,000. XYZ Corporation had the following book and market values at acquisition date. In good accounting form, please. Thank you! <33