Timothy Corporation was merged into Revelation Company in a combination properly accounted for as an acquisition....

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Timothy Corporation was merged into Revelation Company in a combination properly accounted for as an acquisition. Their condensed statement of financial statement of financial position before the combination are: Current Assets Property and equipment, net Patents Total Assets Liabilities Ordinary share, Par P100 Additional paid-in capital Retained earnings Total Liabilities and equity Timothy P3,288,000 4,654,000 P7.942.000 P3,704,000 2,600.000 390,000 1,248,000 P7,942,000 Per appraisal report, Revelation assets have fair values of: Current assets Property and equipment Patents Revelation P1,627,600 1,040,000 260,000 P2.927,600 P 171,600 1,300,000 350,000 1,106,000 P2,927,600 P1,653,600 1,248,000 338,000 Timothy Corporation purchases the net assets of Revelation for P3,168,000 cash. What is the total assets of Timothy Corporation after the combination? Timothy Corporation was merged into Revelation Company in a combination properly accounted for as an acquisition. Their condensed statement of financial statement of financial position before the combination are: Current Assets Property and equipment, net Patents Total Assets Liabilities Ordinary share, Par P100 Additional paid-in capital Retained earnings Total Liabilities and equity Timothy P3,288,000 4,654,000 P7.942.000 P3,704,000 2,600.000 390,000 1,248,000 P7,942,000 Per appraisal report, Revelation assets have fair values of: Current assets Property and equipment Patents Revelation P1,627,600 1,040,000 260,000 P2.927,600 P 171,600 1,300,000 350,000 1,106,000 P2,927,600 P1,653,600 1,248,000 338,000 Timothy Corporation purchases the net assets of Revelation for P3,168,000 cash. What is the total assets of Timothy Corporation after the combination?

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