1. Man Inc. purchased all the net assets of Woman Company on January 2, 20x2 by issuing 8, 000 shares of its Php 10 par common stock. At the time, the stock was selling for Php 30 per share. Direct costs associated with consummating the combination totaled Php 4, 000.

Under IFRS 3, what total amount should the net assets acquired be recorded by Man Inc. if contingent consideration of Php 5, 000 is determined?

2 Gab Company has 200,000 shares of P2 par value stock outstanding. Calix Company acquired 60,000 shares of Gab on January 1, 2019 for 240,000 when Gab's net assets have a total fair value of P700,000. On June 1, 2019, Calix agreed to buy an additional 120,000 shares of Gab for P6 per share. Gab's shares were selling at P5 per share, therefore there is a control premium of P1 per share. If Gab's net identifiable assets had a fair value of P1,000,000 on June 1, 2019, how much goodwill on the fair value basis should Calix report in its post-combination balance sheet?