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1. Penny Inc. acquired 65% of Simmy Company's outstanding ordinary shares for P520,000, P120,000 above the underlying book value on January 2, 2016. The fair

1. Penny Inc. acquired 65% of Simmy Company's outstanding ordinary shares for P520,000, P120,000 above the underlying book value on January 2, 2016. The fair value of Simmy's net assets approximated...

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