On July 1, 2020, Honesty Company exchanged 12,000 shares of its ordinary shares P10 par value held in treasury for a copyright owned by Integrity Company. The treasury shares were acquired in 2018 at a cost of P240,000. At the exchange date, Honesty’s ordinary shares were quoted at P26 per share, and the copyright had a net carrying value of P270,000 in Integrity’s books. How much should Honesty record the copyright?Required to answer. Single choice

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A: The answer is stated below:

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Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.