Problem 1 - 10 On January 2, 2022, the Statement of Financial Position of Love and Hope Company prior to combination are: Love Company Hope Company Cash P225,000 P7,500 Inventories 150,000 15,000 PPE (net) 375,000 52,500 Total Assets P750,000 P75,000 Current Liabilities P45,000 P7,500 Ordinary Share, P100 par 75,000 7,500 Ordinary Share Premium 225,000 15,000 Retained Earnings 405,000 45,000 Total Liabilities & Equity P750,000 P75,000CHAPTER 1: BUS The fair market value of Hope Company's PPE (net) is P76,500. Required 1. Assuming Love Company acquired all the outstanding share of Hope Company resulting to a goodwill of P33,000, contingent consideration is P18,000, how much is the cash paid to Hope Company's share? Journalized the transactions in the books of Love Company. 2. Assuming Love Company acquired 90% of the outstanding ordinary share of Hope Company for P121,500 and NCI is measured at fair value, how much is the goodwill (gain) on the date of acquisition? Journalized the transactions in the books of Love Company