FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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33. The shareholders' equities of Isaac Corporation and Esau Company at July 1, 2020 were as follows: Isaac Esau Share capital, P100 par isor shres Share premium (APIC) Retained earnings P15,000,000 P8,000,000 2,000,000 6,000,000 4,000,000 3,000,000 CHAPTER 1: BUSINESS COMBINATION Page |55 On July 2, 2020, Isaac issued 120,000 of its shares with a market value of P120 per share for the assets and liabilities of Esau, and Esau was dissolved. On the same day, Isaac paid P50,000 for professional fees for arranging the combination andP 100,000 for SEC registration of equity securities. After the combination, what is the total shareholders' equity of Isaac Corporation? a. P38,000,000 b. Р37,850,000 с. Р37,250,000 d. P52,250,000
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Transcribed Image Text:33. The shareholders' equities of Isaac Corporation and Esau Company at July 1, 2020 were as follows: Isaac Esau Share capital, P100 par isor shres Share premium (APIC) Retained earnings P15,000,000 P8,000,000 2,000,000 6,000,000 4,000,000 3,000,000 CHAPTER 1: BUSINESS COMBINATION Page |55 On July 2, 2020, Isaac issued 120,000 of its shares with a market value of P120 per share for the assets and liabilities of Esau, and Esau was dissolved. On the same day, Isaac paid P50,000 for professional fees for arranging the combination andP 100,000 for SEC registration of equity securities. After the combination, what is the total shareholders' equity of Isaac Corporation? a. P38,000,000 b. Р37,850,000 с. Р37,250,000 d. P52,250,000
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