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the as Pritan 2.160 show Legal Required: 1. Calculate the amount of consideration transferred. 2. Calculate any goodwill from the business combination. 11 - Journal Entries: Goodwill and Bargain Purchase Gain Maplewood Corporation purchased the net assets of West Corporation on January 2, 2014 P560,000 and also paid P20,000 in direct acquisition costs. West's balance sheet on January 20x4 was as follows: Accounts Receivable, net. P 180.000 Inventory 360.000 Land 40,000 Buildings (net) 60.000 Equipment (net) 80.000 Current liabilities 70.000 Long-term debt 160,000 Common Stock, Pl par 20.000 Paid-in capital 430,000 Retained Eamings 40.000 Fair values agree with book values except for inventory, land, and equipment, which have values of P400,000. P50,000 and P70,000. respectively. West has patent rights valued at P2000 As PC post- years Requ Dece Pequired: Required: 1) Prepare Maple Woods' journal entries for the acquisition West net assets. 2) Assume Maple Woods Corp. acquired the net assets of West Corp. for P500,000 rather than P560,000. Prepare journal entries for such acquisition