32. Timothy Corporation was merged into Revelation Company in a combination properly accounted for as an acquisition. Their condensed statement of financial position before the combination are: Current assets Property and equipment, net Patents Total assets Liabilities Ordinary share, Par P100 Additional paid in capital Retained earnings Total liabilities and equity Timothy P3,288,000 4,654,000 P7,942,000 a. P7,354,000 b. P7,254,000 c. P8,113,600 d. P9,181,600 P3,704,000 2,600,000 390,000 1,248,000 P7,942,000 Revelation P1,627,600 1,040,000 260,000 P2.927,600 P171,600 1,300,000 350,000 1,106,000 P2,927,600 Per appraisal's report, Revelation assets have fair values of: Current assets Property and equipment Patents P1,653,600 1,248,000 338,000 Timothy Corporation purchases the net assets of Revelation for P3,168,000 cash. What is the total assets of Timothy Corporation after the combination?

32. Timothy Corporation was merged into Revelation Company in a combination properly accounted for as an acquisition. Their condensed statement of financial position before the combination are: Current assets Property and equipment, net Patents Total assets Liabilities Ordinary share, Par P100 Additional paid in capital Retained earnings Total liabilities and equity Timothy P3,288,000 4,654,000 P7,942,000 a. P7,354,000 b. P7,254,000 c. P8,113,600 d. P9,181,600 P3,704,000 2,600,000 390,000 1,248,000 P7,942,000 Revelation P1,627,600 1,040,000 260,000 P2.927,600 P171,600 1,300,000 350,000 1,106,000 P2,927,600 Per appraisal's report, Revelation assets have fair values of: Current assets Property and equipment Patents P1,653,600 1,248,000 338,000 Timothy Corporation purchases the net assets of Revelation for P3,168,000 cash. What is the total assets of Timothy Corporation after the combination?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA2: Investments

Section: Chapter Questions

Problem 17E

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