47 Business Combination Problem 13-2 DOG Company acquired the net assets of CAT Corporation on January 3, 2017. for P565,000 cash. In addition, P5,000 of professional fees were incurred in consummating the combination. At the time of acquisition CAT Corporation reported the following book value and current market data: Cash and Receivables Inventory Buildings and Equipment (net) Patent Total Assets Book Value P 30,000 100,000 200,000 Fair Value P 50.000 150.000 300.000 200.000 P700.000 P 30,000 P350,000 Accounts Payable Common Stock Additional Paid-in Capital Retained Earnings Total Liabilities and Equities P 30,000 100,000 80,000 140,000 P350.000 Required: Give the journal entry or entries by DOG Company to record the acquisition of the net assets of CAT Corporation