Pina corp holds 100 percent of the common stock of Tina corp, an investment acquired for P520,000. Immediately following the combination, Pina net assets have a book value of P900,000 and a fair value of P1,050,000. The book and fair value of Tina net assets on the date of combination are P350,000 and P425,000, respectively. Immediately following the combination, a consolidated balance sheet is prepared. Based on the information given above, what will be the amount of net assets reported in the consolidated balance sheet?

Pina corp holds 100 percent of the common stock of Tina corp, an investment acquired for P520,000. Immediately following the combination, Pina net assets have a book value of P900,000 and a fair value of P1,050,000. The book and fair value of Tina net assets on the date of combination are P350,000 and P425,000, respectively. Immediately following the combination, a consolidated balance sheet is prepared. Based on the information given above, what will be the amount of net assets reported in the consolidated balance sheet?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter8: Consolidated Tax Returns

Section: Chapter Questions

Problem 18DQ

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