Gumiho Corporation acquired Forest Company through an exchange of common shares. All of Forest's assets and liabilities were immediately transferred to Gumiho. Gumiho's common stock was trading at P20 per share at the time of exchange. Following selected information is also available. Before Acquisition After Acquisition Par value of shares outstanding P400,000 P500,000 Additional Paid-in Capital P700,000 P1,100,000 Based on the proceeding information, what is the number of shares was issued at the time of the exchange? 25,000 35,000 20,000 10,000 The Alhambra Company had these accounts at the time it was acquired by Kingdom Co.: Cash P 108,000 Accounts Receivable 1,371,000 Inventories 360,000 PPE 1,948,200 Accounts Payable 1,052,400 Kingdom Co. paid P4,200,000 for net assets of Alhambra Company. It has determined the fair market values of investment and PPE were P399,000 and P2,700,000, respectively. An assumed contingent liability arising from past events with a fair value amounting to P30,000 and such amount is considered a reliable measurement. In the books of Kingdom Co., this transaction resulted in: Current Assets increased by P704,400 Retained Earnings increased by P704,400 Goodwill recorded at P704,400 Goodwill recorded at P1,324,200