In addition to the above, Sicle Co has identifiable intangibles with a fair value of P5,000,000, not recognized on its books but appropriately capitalized by Pop. On January 1, 20x6, Pop issues P400,000 shares of its stock, with a par value of P10/share and a market value of P100/share, to acquire Sicle Company's assets and liabilities. Stock registration fees are paid in cash.Answer the ff:1. Prepare the journal entries that Pop make to record the acquisition.2. Prepare the journal entries that Pop make, but now assume Pop instead issued P100,000 shares of stock for Sicle's assets and liabilities, and registration costs are P80,000 paid in cash.3. Now assume that Pop issues 100,000 shares for all of Sicle's shares, as in requirement 2 above, and Pop agrees to pay cash to Sicle's previous owners if the combined earnings of Pop and Sicle exceed a certain threshold over the next two years. The expected present value of the earnings contingency is P8,000,000. Prepare Pop's acquisition entry.

Ill - Assets and Liabilities Acquired, Goodwill and Bargain Purchase Gain, Contingent Consideration, Changes in Contingent Consideration 1 Here are the pre-acquisition balance sheets of Pop Company and Sicle Company December 31, 20x5: Pop Co. Sicle Co. Book value Book value Market value Current assets P 5,000,000 P 2,000,000 P 1,500,000 Investments 1,000,000 500,000 500,000 Land 10,000,000 5,000,000 6,000,000 Buildings (net) 40,000,000 25,000,000 16,000,000 Equipment (net) 25,000,000 10,000,000 2,000,000 Total assets P81,000,000 P42,500,000 Current liabilities P 4,000,000 P 1,500,000 1,500,000 Long-term liabilities 20,000,000 10,000,000 12,000,000 Common stock, P10 par 5,000,000 1,000,000 Additional paid-in capital 40,000,000 20,000,000 Retained earnings 12,000,000 10,000,000 Total liabilities & equity P81,000,000 P42,500,000