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CHA Cash Accounts receivable Inventory Buildings and equipment Goodwill Total Assets Accounts payable Bonds payable Common stock, P2 par Additional paid-in capital Retained earnings Total Liabilities and Equities a. 60,000 shares b. 50,000 shares a. Pl1.14 b. P5.63 Gabriel Corporation 65,000 72,000 33,000 400,000 570,000 50,000 250,000 100,000 65,000 105,000 570,000 How many shares were issued by Gabriel for the combination? c. 30, 000 shares d. 17,500 shares a. P115,000 b. P352,000 Miguel Corporation. 25,000 20,000 45,000 150,000 240,000 25,000 100,000 25,000 20,000 70,000 240,000 a. P137,000 b. P70,000 c. P6.00 d. P8.00 c. P227,000 d. P497,000 39. How much is the goodwill (gain) on combination? a. P125,000 b. P13,000 Consolidated Balance 37. How much is the quoted price of Gabriel's shares on the date of acquisition? c. (P57,000) d. (P32,000) 90,000 94,000 38. How much is the fair value of Miguel's net assets as of date of acquisition? c. P175,000 d. P105,000 88,000 650,000 ? ? 75,000 350,000 160,000 245,000 ? ? 40. What is the balance of retained earnings immediately after the acquisition?

CHA Cash Accounts receivable Inventory Buildings and equipment Goodwill Total Assets Accounts payable Bonds payable Common stock, P2 par Additional paid-in capital Retained earnings Total Liabilities and Equities a. 60,000 shares b. 50,000 shares a. Pl1.14 b. P5.63 Gabriel Corporation 65,000 72,000 33,000 400,000 570,000 50,000 250,000 100,000 65,000 105,000 570,000 How many shares were issued by Gabriel for the combination? c. 30, 000 shares d. 17,500 shares a. P115,000 b. P352,000 Miguel Corporation. 25,000 20,000 45,000 150,000 240,000 25,000 100,000 25,000 20,000 70,000 240,000 a. P137,000 b. P70,000 c. P6.00 d. P8.00 c. P227,000 d. P497,000 39. How much is the goodwill (gain) on combination? a. P125,000 b. P13,000 Consolidated Balance 37. How much is the quoted price of Gabriel's shares on the date of acquisition? c. (P57,000) d. (P32,000) 90,000 94,000 38. How much is the fair value of Miguel's net assets as of date of acquisition? c. P175,000 d. P105,000 88,000 650,000 ? ? 75,000 350,000 160,000 245,000 ? ? 40. What is the balance of retained earnings immediately after the acquisition?

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA2: Investments
Section: Chapter Questions
Problem 10MCQ
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BUSINESS COMBINATION

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36. Gabriel Corporation acquired all the assets and liabilities of Miguel Corporation by issuing ordinary shares on January 2, 2022. Partial balance sheet data for the companies prior to the business combination and immediately following the combination is provided:
Transcribed Image Text:36. Gabriel Corporation acquired all the assets and liabilities of Miguel Corporation by issuing ordinary shares on January 2, 2022. Partial balance sheet data for the companies prior to the business combination and immediately following the combination is provided:
CHA1 Cash Accounts receivable Inventory Buildings and equipment Goodwill Total Assets Accounts payable Bonds payable Common stock, P2 par Additional paid-in capital Retained earnings Total Liabilities and Equities a. 60,000 shares b. 50,000 shares a. Pll.14 b. P5.63 Gabriel Miguel Corporation Corporation 65,000 72,000 33,000 400,000 a. P115,000 b. P352,000 570,000 50,000 250,000 100,000 65,000 105,000 570,000 How many shares were issued by Gabriel for the combination? c. 30, 000 shares d. 17,500 shares 25,000 20,000 45,000 150,000 240,000 25,000 100,000 a. P137,000 b. P70,000 25,000 20,000 70,000 240,000 c. P6.00 d. P8.00 39. How much is the goodwill (gain) on combination? a. P125,000 b. P13,000 c. P227,000 d. P497,000 Consolidated Balance 37. How much is the quoted price of Gabriel's shares on the date of acquisition? c. (P57,000) d. (P32,000) 90,000 94,000 38. How much is the fair value of Miguel's net assets as of date of acquisition? c. P175,000 d. P105,000 88,000 650,000 ? ? 75.000 350,000 160,000 245,000 ? ? 40. What is the balance of retained earnings immediately after the acquisition?
Transcribed Image Text:CHA1 Cash Accounts receivable Inventory Buildings and equipment Goodwill Total Assets Accounts payable Bonds payable Common stock, P2 par Additional paid-in capital Retained earnings Total Liabilities and Equities a. 60,000 shares b. 50,000 shares a. Pll.14 b. P5.63 Gabriel Miguel Corporation Corporation 65,000 72,000 33,000 400,000 a. P115,000 b. P352,000 570,000 50,000 250,000 100,000 65,000 105,000 570,000 How many shares were issued by Gabriel for the combination? c. 30, 000 shares d. 17,500 shares 25,000 20,000 45,000 150,000 240,000 25,000 100,000 a. P137,000 b. P70,000 25,000 20,000 70,000 240,000 c. P6.00 d. P8.00 39. How much is the goodwill (gain) on combination? a. P125,000 b. P13,000 c. P227,000 d. P497,000 Consolidated Balance 37. How much is the quoted price of Gabriel's shares on the date of acquisition? c. (P57,000) d. (P32,000) 90,000 94,000 38. How much is the fair value of Miguel's net assets as of date of acquisition? c. P175,000 d. P105,000 88,000 650,000 ? ? 75.000 350,000 160,000 245,000 ? ? 40. What is the balance of retained earnings immediately after the acquisition?
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