ANSWER THE FOLLOWING AND INCLUDE STEP BY STEP EXPLANATION:

Froblam 1 The statement of irene al paidtion of sconces Company of of December 1, 2011 had book and fair market values of shown Below: Book Volus For VOUS Cumant Assets P240 000 P230,000 Land 20.000 100.000 Building and Egulpment (net] 400,000 270/000 Patents 10.000 30.000 Total Abath F470,000 P690,000 Licbites P250,000 P250,000 BirdInary Shore Capital 100,000 Accumulated Froilto 320,000 430/000 Total Lablitlas and Shareholders' equity P670,000 P690,000 On December 1, 2011, Pulowess Company purchased all of Soorkee Company's Phone Required. 1. Frapere a loumel entry on the books of Pulatkes Company to record the shore acgulltion. 2. Frapere o schedule showing the determination and allocation of the difference between the consideration oven and the book value of Interest acquired. 3. Frapore the conso looted statements worksheet almination ones.Froblam 2 The January 1, 2011 statement of financial poidtion of Skittle Company at bock and morlest values h os follows: Book Volks For Vous Current Assets 3 800,000 P 750,000 Property and Equloment (neil 300,000 1, 000,000 F 1,700,000 P1,750,000 Current Wabilities 300,000 P 300,000 Long-term Lgb Ine: 900,000 480/000 BirdInary Shore Capital, F1 per 100/000 Share Premium 200,000 Accumulated Frofits 800,000 Total Wablittles and Shareholders' equity P1,700,000 Polypeptide Company cold F950,000 In ooth for 90% of Skittle Company's ordinary there capital. Required. 1. Frapore a loumel entry on Polypeptide's books to record the dogulition of the Eidt of shore. 2. Frapere o schedule of the allocation of the difference between the consideration gwan and the book value of Interest acquired from Skittle Company. . Frapore the 8mination entries for me consolidated statements worksheet.Problem 3 Papilon Corporation acquired 90,000 shares of the 100,000 outstanding no-par ordinary share capital of S con Company for a price of P1,200,000 on January 1, 2011 at the time when Silicon Company had book and fair values as shown below. Papilon Corporation also paid P96,000 direct acquisition costs in the form of legal fees to outside consultants. Ordinary Share Capital P480,000 Accumulated Profits 600,000 Total net osets at book value P1,080,000 Add: Differences between current fair value and book value Inventories (FIFO) 36,000 Property and Equipment 72,000 Total current fair value of identifiable net ossets P1,188,000 Required: 1. Prepare journal entries for Popilon Corporation on January 1, 2011 to record the acquisition of share from Silicon Company. 2. Prepare the required elimination entries in general journal form that are needed for a consolidated statements worksheet for a consolidated statement of financial position for Papilon Corporation and subsidiary on January 1, 2011