The BUTTER Company had these accounts at the time it was acquired by FLY Co.: Cash P
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Question:
The BUTTER Company had these accounts at the time it was acquired by FLY Co.:
Cash P 108,000
Accounts receivable 1,371,000
Inventories 360,000
Property, plant, and equipment 2,089,200
Accounts payable 1,052,400
FLY Co. paid P4,200,000 for the net assets of BUTTER Company. It was determined that fair market values of inventories and property, plant, and equipment were P399,000 and P2,700,000, respectively. An assumed contingent liability arising from past events with a fair value amounting to P30,000 and such amount is considered a reliable measurement.
In the books of FLY Co., what is the result in goodwill?
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