{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T03:39:49-04:00", "answer_date": "2024-06-28 03:39:49", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4232394", "url": "\/study-help\/questions\/answer-the-following-and-explain-step-by-step-business-combinations-4232394", "question_creation_date_js": "2024-06-28T03:39:49-04:00", "question_creation_date": "Jun 28, 2024 03:39 AM", "meta_title": "[Solved] ANSWER THE FOLLOWING AND EXPLAIN STEP BY | SolutionInn", "meta_description": "Answer of - ANSWER THE FOLLOWING AND EXPLAIN STEP BY STEP: Business Combinations (Part 1) b. Entity A's former owners receive the | SolutionInn", "meta_keywords": "answer,step,business,combinations,part,1,entity,s,former,owners,receive,largest", "question_title_h1": "ANSWER THE FOLLOWING AND EXPLAIN STEP BY STEP: Business Combinations (Part 1) b. Entity A's former owners receive the largest portion of the voting rights", "question_title": "ANSWER THE FOLLOWING AND EXPLAIN STEP BY STEP: Business Combinations (Part 1)", "question_title_for_js_snippet": "ANSWER THE FOLLOWING AND EXPLAIN STEP BY STEP Business Combinations (Part 1) b Entity A's former owners receive the largest portion of the voting rights in the combined entity c Entity A's former management team dominates the management of the combined entity d Entity C, a new entity, is formed and Entity C transfers cash to Entity A and Entity B 6 Which of the following statements is incorrect regarding the consideration transferred in a business combination a It includes only those that are transferred to the former owners of the acquiree b It includes those that are retained in the combined entity c It can be in the form of cash, non cash assets, the acquirer's own equity instruments, or a mixture of these d It is measured at fair value 7 Direct costs incurred in a business combination are a capitalized b expensed c capitalized, except for costs of issuing equity and debt instruments d expensed, except for costs of issuing equity and debt instruments 8 According to PFRS 3, the acquirer measures non controlling interest in the acquiree a at fair value b at the non controlling interest's proportionate share in the acquiree's net identifiable assets c either a or b, whichever is higher d either a or b, as an accounting policy choice 9 The identifiable assets acquired and liabilities assumed in a business combination are generally measured at a acquisition date fair values b previous carrying amounts 58 Crap er c fair value less costs to sell d cost 10 Which of the following assets of an acquiree may not be included when computing for the goodwill arising from, a business combination a capitalized kitchen utensils and equipment b intangible assets not previously recorded C research and development costs charged as expenses d goodwill 11 A noncurrent asset (or disposal group) acquired in a business combination that is classified as held for sale is measured at a acquisition date fair values b previous carrying amounts c fair value less costs to sell d cost 12 Restructuring provisions a are generally not recognized as part of business combination unless the acquiree has, at the acquisition date, an existing liability for restructuring that has been recognized in accordance with PAS 37 b that do not meet the definition of a liability at the acquisition date are recognized as post combination expenses of the combined entity when the costs are incurred c generally increases goodwill d a and b 13 A contingent liability assumed in a business combination a is not accounted for by the acquirer if the contingent liability has an improbable outflow of economic resources b is recognized even if it has an improbable outflow of economic resources for as long as there is present59 Business Combinations (Part 1) obligation and the fair value of the obligation can be measured reliably c is recognized only if there is present obligation, probable reliably outflow of economic resources, and can be measured d a and c 14 Entity A obtained control of Entity B in a business combination When computing for goodwill, Entity A would least likely account for which of the following a Entity B's research and development projects that were already charged as expenses, but have a fair value as at the acquisition date b Entity B's unrecorded identifiable intangible assets c Operating lease between Entity A and Entity B, wherein Entity B is the lessee d Entity A's expected costs of exiting or terminating some or all of Entity B's activities after the combination 15 According to PFRS 3, a 'gain on a bargain purchase' is a recognized in profit or loss in the year of acquisition b amortized in profit or loss over the lower of its legal life and estimated useful life c recognized in profit or loss in the year of acquisition but only after reassessment of the assets acquired and liabilities assumed in the business combination d any of these PROBLEM 6 MULTIPLE CHOICE COMPUTATIONAL 1 ' On January 1, 20x1, Saturday Co acquires 80 of the outstanding voting shares of Sunny Co Sunny's identifiable assets and liabilities have fair values of P3,400,000 and P1,700,000, respectively Relevant information follows Saturday Co agrees to pay Sunny's former owners P2,000,000 cash, half of which is to be paid on January 1,60 Chapter 1 20x1, while the other half will be paid in five equal annual installments starting December 31, 20x1 The current market rate of interest on January 1, 20x1 is 12 Saturday also agrees to provide a technical know how to be used in Sunny's operations after the business combination The technical know how has a fair value of 200,000 Saturday opts to measure the non controlling interest at the NCI's proportionate share in Sunny's net identifiable assets How much is the goodwill (gain on bargain purchase) a 360,955 c (220,045) b 340,955 d 280,955 2 Silent Co acquires 80 controlling interest in Peaceful Co for 1,200,000 Peaceful Co 's identifiable assets and liabilities have fair values of P3,300,000 and P1,700,000, respectively Included in Peaceful's assets is a web press machine with fair value of P900,000 which Silent Co intends to sell immediately The machine qualifies for classification as 'held for sale' The costs to sell are 150,000 Silent Co opts to measure the non controlling interest at fair value How much is the goodwill (Assume the fair value of the NCI is equal to the grossed up value of the consideration transferred multiplied by the NCI percentage ) a 60,000 c 50,000 b 40,000 d 20,000 3 Carpenter Co acquires 100 controlling interest in Wood Co by issuing 2,000 shares with par value per share of 100 and fair value per share of $500 Carpenter Co incurs stock issuance costs of 10 per share On acquisition date, Wood Co 's identifiable assets and liabilities have fair values of 2,800,000 and P1,600,000, respectively Carpenter Co incurred 40,000 in hiring an independent appraiser to value 13 16Business Combinations (Part 1) Wood's assets and liabilities After the combination, Carpenter intends to eliminate some of Wood's activities The estimated costs are P20,000 In addition, Carpenter Co expects to incur losses of P80,000 during the first year after the business combination How much is the goodwill (gain on bargain purchase) a (260,000) c (200,000) b 240,000 d 280,000 4 Mason Co acquired all the assets and liabilities of Hammer Co for 2,600,000 On acquisition date, Hammer's identifiable assets and liabilities have fair values of 5,900,000 and $3,500,000, respectively Relevant information follows Mason is renting out a building to Hammer Co on an operating lease The terms of the lease compared with market terms are favorable The fair value of the differential is $90,000 Hammer is a defendant on a pending lawsuit No provision was recognized because Hammer's legal counsel believes they will successfully defend the case The fair value of settling the lawsuit is $10,000 How much is the goodwill (gain on bargain purchase) a 120,000 c 200,000 b 140,000 d 180,000 5 On January 1, 20x1, Creek Co acquired all the assets and assumed all the liabilities of Bamboo Co for 2,400,000 Relevant information follows Assets Carrying amounts Fair values Cash 10,000 10,000 Receivables, net 400,000 280,000 Inventory 480,000 350,000 Land 2,000,000 Goodwill 110,000 2,200,000 Total assets 3,000,000 20,000 2,860,000 14 1662 Chapter 1 Liabilities Payables 400,000 480,000 Bamboo Co has research and development projects with fair value of 60,000 Creek Co does not intend to use those R Ds However, there have been exchange transactions involving the information generated from Bamboo's R D, but those transactions are infrequent All fair value adjustments result to temporary differences but do not affect the tax bases of the assets and liabilities The tax rate is 30 Creek incurred P100,000 on general administrative costs of maintaining an internal acquisitions department How much is the goodwill (gain on bargain purchase) a 12,000 c 20,000 b (41,000) d 19,000 PROBLEM 7 MULTIPLE CHOICE PFRS for SMEs 1 Which of the following statements is correct a The PFRS for SMEs does not address the accounting for business combinations b An SME cannot recognize any goodwill c The PFRS for SMEs requires the use of the purchase method in accounting for business combinations d Control is not an essential criterion in identifying a business combination between SMEs Use the following information for the next two questions On January 1, 20x1, Sit Co acquired 75 controlling interest in Stand Co for P1,000,000 On this date, the fair value of Stand's net identifiable assets is P800,000 Sit Co incurred transaction costs of P100,000 on the acquisition 15 1663 Business Combinations (Part 1) 2 How much is the goodwill if Sit Co uses the full PERSs and Sit opts to measure NCI using proportionate share method a 380,000 b 400,000 c 460,000 d 500,000 3 How much is the goodwill if Sit Co uses the PFRS for SMEs a 380,000 c 460,000 b 400,000 d 500,000 4 The PFRS for SMEs differs from PFRS 3 in all of the following respects, except a the measurement of the consideration transferred b the treatment of NCI in the computation of goodwill c the treatment of acquisition related costs d the recognition criteria for contingent liabilities 5 Which of the following statements is incorrect regarding the provisions of the PFRS for SMEs a NCI is not included in computing for goodwill b NCI is measured in the consolidated financial statements at the NCI's proportionate share in the acquiree's net identifiable assets fair value measurement is not an option C The PFRS for SMEs specifically requires the acquirer to recognize an intangible asset or a liability from an operating lease wherein the acquiree is the lessee d Direct costs of a business combination, other than issue costs of equity and debt securities, are capitalized under the PFRS for SMEs as part of goodwill, whereas these are expensed under PFRS 3 PROBLEM 5 MULTIPLE CHOICE THEORY 1 This distinguishes a business combination from other types of investment transactions a acquisition of assets c obtaining of control b acquisition of stocks d all of these 2 The entity that obtains control over another business in a business combination is called the a controller c acquirer b acquiree d controllee 3 PFRS 3 requires all business combinations to be accounted for using the a purchase method c goodwill method b acquisition method d control method 4 According to PFRS 3, the acquisition date is normally the a control date b purchase date c closing date d valentine's date 5 Entity A and Entity B combined their businesses The acquirer in the business combination is not clearly identifiable Which acquirer of the following in not an indicator that Entity A is the a Entity A is the initiator of the business combination", "question_description": "\"image\"image\"image\"image\"image\"image

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\"image\"image\"image\"image\"image\"image\"image\"image<\/div><\/div><\/div> Business Combinations (Part 1) b. Entity A's former owners receive the largest portion of the voting rights in the combined entity. c. Entity A's former management team dominates the management of the combined entity. d. Entity C, a new entity, is formed and Entity C transfers cash to Entity A and Entity B. 6. Which of the following statements is incorrect regarding the consideration transferred in a business combination? a. It includes only those that are transferred to the former owners of the acquiree. b. It includes those that are retained in the combined entity. c. It can be in the form of cash, non-cash assets, the acquirer's own equity instruments, or a mixture of these. d. It is measured at fair value. 7. Direct costs incurred in a business combination are a. capitalized b. expensed c. capitalized, except for costs of issuing equity and debt instruments d. expensed, except for costs of issuing equity and debt instruments 8. According to PFRS 3, the acquirer measures non-controlling interest in the acquiree a. at fair value. b. at the non-controlling interest's proportionate share in the acquiree's net identifiable assets. c. either a or b, whichever is higher d. either a or b, as an accounting policy choice 9. The identifiable assets acquired and liabilities assumed in a business combination are generally measured at a. acquisition-date fair values. b. previous carrying amounts.58 Crap.er c. fair value less costs to sell. d. cost. 10. Which of the following assets of an acquiree may not be included when computing for the goodwill arising from, a business combination? a. capitalized kitchen utensils and equipment b. intangible assets not previously recorded C. research and development costs charged as expenses d. goodwill 11. A noncurrent asset (or disposal group) acquired in a business combination that is classified as held for sale is measured at a. acquisition-date fair values. b. previous carrying amounts. c. fair value less costs to sell. d. cost. 12. Restructuring provisions a. are generally not recognized as part of business combination unless the acquiree has, at the acquisition date, an existing liability for restructuring that has been recognized in accordance with PAS 37. b. that do not meet the definition of a liability at the acquisition date are recognized as post-combination expenses of the combined entity when the costs are incurred. c. generally increases goodwill d. a and b 13. A contingent liability assumed in a business combination a. is not accounted for by the acquirer if the contingent liability has an improbable outflow of economic resources. b. is recognized even if it has an improbable outflow of economic resources for as long as there is present59 Business Combinations (Part 1) obligation and the fair value of the obligation can be measured reliably. c. is recognized only if there is present obligation, probable reliably. outflow of economic resources, and can be measured d. a and c 14. Entity A obtained control of Entity B in a business combination. When computing for goodwill, Entity A would least likely account for which of the following? a. Entity B's research and development projects that were already charged as expenses, but have a fair value as at the acquisition date. b. Entity B's unrecorded identifiable intangible assets. c. Operating lease between Entity A and Entity B, wherein Entity B is the lessee. d. Entity A's expected costs of exiting or terminating some or all of Entity B's activities after the combination. 15. According to PFRS 3, a 'gain on a bargain purchase' is a. recognized in profit or loss in the year of acquisition. b. amortized in profit or loss over the lower of its legal life and estimated useful life. c. recognized in profit or loss in the year of acquisition but only after reassessment of the assets acquired and liabilities assumed in the business combination. d. any of these PROBLEM 6: MULTIPLE CHOICE - COMPUTATIONAL 1.' On January 1, 20x1, Saturday Co. acquires 80% of the outstanding voting shares of Sunny Co. Sunny's identifiable assets and liabilities have fair values of P3,400,000 and P1,700,000, respectively. Relevant information follows: . Saturday Co. agrees to pay Sunny's former owners P2,000,000 cash, half of which is to be paid on January 1,60 Chapter 1 20x1, while the other half will be paid in five equal annual installments starting December 31, 20x1. The current market rate of interest on January 1, 20x1 is 12%. Saturday also agrees to provide a technical know-how to be used in Sunny's operations after the business combination. The technical know-how has a fair value of #200,000. . Saturday opts to measure the non-controlling interest at the NCI's proportionate share in Sunny's net identifiable assets. How much is the goodwill (gain on bargain purchase)? a. 360,955 c. (220,045) b. 340,955 d. 280,955 2. Silent Co. acquires 80% controlling interest in Peaceful Co. for #1,200,000. Peaceful Co.'s identifiable assets and liabilities have fair values of P3,300,000 and P1,700,000, respectively. Included in Peaceful's assets is a web press machine with fair value of P900,000 which Silent Co. intends to sell immediately. The machine qualifies for classification as 'held for sale'. The costs to sell are #150,000. Silent Co. opts to measure the non- controlling interest at fair value. How much is the goodwill? (Assume the fair value of the NCI is equal to the grossed-up value of the consideration transferred multiplied by the NCI percentage.) a. 60,000 c. 50,000 b. 40,000 d. 20,000 3. Carpenter Co. acquires 100% controlling interest in Wood Co. by issuing 2,000 shares with par value per share of #100 and fair value per share of $500. Carpenter Co. incurs stock issuance costs of #10 per share. On acquisition date, Wood Co.'s identifiable assets and liabilities have fair values of #2,800,000 and P1,600,000, respectively. Carpenter Co. incurred #40,000 in hiring an independent appraiser to value 13\/16Business Combinations (Part 1) Wood's assets and liabilities. After the combination, Carpenter intends to eliminate some of Wood's activities. The estimated costs are P20,000. In addition, Carpenter Co. expects to incur losses of P80,000 during the first year after the business combination. How much is the goodwill (gain on bargain purchase)? a. (260,000) c. (200,000) b. 240,000 d. 280,000 4. Mason Co. acquired all the assets and liabilities of Hammer Co. for #2,600,000. On acquisition date, Hammer's identifiable assets and liabilities have fair values of #5,900,000 and $3,500,000, respectively. Relevant information follows: Mason is renting out a building to Hammer Co. on an operating lease. The terms of the lease compared with market terms are favorable. The fair value of the differential is $90,000. Hammer is a defendant on a pending lawsuit. No provision was recognized because Hammer's legal counsel believes they will successfully defend the case. The fair value of settling the lawsuit is $10,000. How much is the goodwill (gain on bargain purchase)? a. 120,000 c. 200,000 b. 140,000 d. 180,000 5. On January 1, 20x1, Creek Co. acquired all the assets and assumed all the liabilities of Bamboo Co. for #2,400,000. Relevant information follows: Assets Carrying amounts Fair values Cash 10,000 10,000 Receivables, net 400,000 280,000 Inventory 480,000 350,000 Land 2,000,000 Goodwill 110,000 2,200,000 Total assets 3,000,000 20,000 2,860,000 14\/1662 Chapter 1 Liabilities Payables 400,000 480,000 Bamboo Co. has research and development projects with fair value of #60,000. Creek Co. does not intend to use those R&Ds. However, there have been exchange transactions involving the information generated from Bamboo's R&D, but those transactions are infrequent. All fair value adjustments result to temporary differences but do not affect the tax bases of the assets and liabilities. The tax rate is 30%. Creek incurred P100,000 on general administrative costs of maintaining an internal acquisitions department. How much is the goodwill (gain on bargain purchase)? a. 12,000 c. 20,000 b. (41,000) d. 19,000 PROBLEM 7: MULTIPLE CHOICE - PFRS for SMEs 1. Which of the following statements is correct? a. The PFRS for SMEs does not address the accounting for business combinations. b. An SME cannot recognize any goodwill. c. The PFRS for SMEs requires the use of the purchase method in accounting for business combinations. d. Control is not an essential criterion in identifying a business combination between SMEs. Use the following information for the next two questions: On January 1, 20x1, Sit Co. acquired 75% controlling interest in Stand Co. for P1,000,000. On this date, the fair value of Stand's net identifiable assets is P800,000. Sit Co. incurred transaction costs of P100,000 on the acquisition. 15\/1663 Business Combinations (Part 1) 2. How much is the goodwill if Sit Co. uses the full PERSs and Sit opts to measure NCI using proportionate share method? a. 380,000 b. 400,000 c. 460,000 d. 500,000 3. How much is the goodwill if Sit Co. uses the PFRS for SMEs? a. 380,000 c. 460,000 b. 400,000 d. 500,000 4. The PFRS for SMEs differs from PFRS 3 in all of the following respects, except a. the measurement of the consideration transferred b. the treatment of NCI in the computation of goodwill c. the treatment of acquisition-related costs d. the recognition criteria for contingent liabilities 5. Which of the following statements is incorrect regarding the provisions of the PFRS for SMEs? a. NCI is not included in computing for goodwill. b. NCI is measured in the consolidated financial statements at the NCI's proportionate share in the acquiree's net identifiable assets; fair value measurement is not an option. C. The PFRS for SMEs specifically requires the acquirer to recognize an intangible asset or a liability from an operating lease wherein the acquiree is the lessee. d. Direct costs of a business combination, other than issue costs of equity and debt securities, are capitalized under . the PFRS for SMEs as part of goodwill, whereas these are expensed under PFRS 3.PROBLEM 5: MULTIPLE CHOICE - THEORY 1. This distinguishes a business combination from other types of investment transactions. a. acquisition of assets c. obtaining of control b. acquisition of stocks d. all of these 2. The entity that obtains control over another business in a business combination is called the a. controller. c. acquirer. b. acquiree. d. controllee. 3. PFRS 3 requires all business combinations to be accounted for using the a. purchase method. c. goodwill method. b. acquisition method. d. control method. 4. According to PFRS 3, the acquisition date is normally the a. control date. b. purchase date. c. closing date. d. valentine's date. 5. Entity A and Entity B combined their businesses. The acquirer in the business combination is not clearly identifiable. Which acquirer? of the following in not an indicator that Entity A is the a. Entity A is the initiator of the business combination", "transcribed_text": "", "related_book": { "title": "Global Strategy", "isbn": "0357512367, 978-0357512364", "edition": "5th Edition", "authors": "Mike W. Peng", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/649592eaa157d_32303.jpg", "uri": "\/textbooks\/global-strategy-5th-edition-9780357512364", "see_more_uri": "" }, "free_related_book": { "isbn": "1021644811", "uri": "\/textbooks\/american-municipal-bonds-as-investments-ed-by-j-h-rudall-and-sons-1st-edition-978-1021644817-256011", "name": "American Municipal Bonds As Investments Ed By J H Rudall And Sons", "edition": "1st Edition" }, "question_posted": "2024-06-28 03:39:49", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-13", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/medical-tests-were-conducted-to-learn-about-drugresistant-tuberculosis-of", "description": "Medical tests were conducted to learn about drug-resistant tuberculosis. Of 142 cases tested in New Jersey, 9 were found to be drug-resistant. 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