A and B Partnership's statement of financial position as of December 31, 2020 reported the following:dialad...

Transcribed Image Text:

A and B Partnership's statement of financial position as of December 31, 2020 reported the following:dialad latiques de Total assets P100,000 20,000 Total liabilities AA, capital 000,00 40,000 BB, capital 40,000 On January 3, 2021, AA and BB dissolved their partnership and transferred all assets and liabilities to a newly-formed corporation. At the date of incorporation, the fair value of the net assets was P12,000 more than the carrying amount on the partnership's books. AA and BB were each issued 5,000 shares of the corporation's P1 par value ordinary share. a waom How much is the share premium upon incorporation? A and B Partnership's statement of financial position as of December 31, 2020 reported the following:dialad latiques de Total assets P100,000 20,000 Total liabilities AA, capital 000,00 40,000 BB, capital 40,000 On January 3, 2021, AA and BB dissolved their partnership and transferred all assets and liabilities to a newly-formed corporation. At the date of incorporation, the fair value of the net assets was P12,000 more than the carrying amount on the partnership's books. AA and BB were each issued 5,000 shares of the corporation's P1 par value ordinary share. a waom How much is the share premium upon incorporation?

Answer rating: 100% (QA)

Lets calculate the fair value of the new assets Carrying amount of assets on the ... View the full answer