the acquisition, Beta reported total assets of P500,000, liabilities of P280,000, and stockholders' equity of P220,000. At that date. Standard Video reported total assets of P400,000, liabilities of P250,000, and stockholders equity of P150,000. Included in Standard's liabilities was an account payable to Beta in the amount of P20,000, which Beta included in its accounts receivable. Based on the preceding information, what amount of total assets did Beta report in its balance sheet immediately after the acquisition?

the acquisition, Beta reported total assets of P500,000, liabilities of P280,000, and stockholders' equity of P220,000. At that date. Standard Video reported total assets of P400,000, liabilities of P250,000, and stockholders equity of P150,000. Included in Standard's liabilities was an account payable to Beta in the amount of P20,000, which Beta included in its accounts receivable. Based on the preceding information, what amount of total assets did Beta report in its balance sheet immediately after the acquisition?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter20: Corporations: Distributions In Complete Liquidation And An Overview Of Reorganizations

Section: Chapter Questions

Problem 38P

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Prime Company acquired 100 percent of the voting common shares of Standard Video Corporation, its bitter rival, by issuing bonds with a par value and fair value of $150,000. Immediately prior to the acquisition, Prime reported total assets of $500,000, liabilities of $280,000, and stockholders' equity of $220,000. At that date, Standard Video reported total assets of $400,000, liabilities of $250,000, and stockholders' equity of $150,000. Included in Standard's liabilities was an account payable to Prime in the amount of $20,000, which Prime included in its accounts receivable. Based on the preceding information, what amount of total liabilities was reported in the consolidated balance sheet immediately after acquisition? Multiple Choice A. $280,000 B. $530,000 C. $660,000D. $500,000
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On January 1, 2021, ABC Co. acquired all of the identifiable assets and assumed all of the liabilities of XYZ, Inc. by issuing its own ordinary shares. Information at acquisition date is shown below: (see image below) Additional information: 1. ABC Co's share capital consists of 60,000 ordinary shares with par value of ₱40 per share. 2. XYZ's share capital consists of 3,000 ordinary shares with par value of ₱400 per share. How much is the gain on acquisition or goodwill to be recognized?
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4. RR Corporation acquired 80 percent of the stock of GG Company by issuing shares of its common stock with a fair value of P192,000. At that time, the fair value of non-controlling interest was estimated to be P48,000 and the fair values of its identifiable assets and liabilities were P310,000 and P95,000, respectively. GG’s assets and liabilities had book values of P220,000 and P95,000, respectively. Compute for "Investment in GG" reported by RR to be reported immediately after the combination. 5. Using the same information in #4, compute for the increase in identifiable assets of the combined entity immediately after the combination. 6. Using the same information in #4, compute for the increase in total liabilities of the combined entity immediately after the combination.
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