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Mighty Company's 12/31/21 statement of financial position reports assets of P5,000,000 and liabilities of P2,000,000. All of Mighty's assets' book values approximate their fair value,
Mighty Company's 12/31/21 statement of financial position reports assets of P5,000,000 and liabilities of P2,000,000. All of Mighty's assets' book values approximate their fair value, except for land, which has a fair value that is P300,000 greater than its book value. On 12/31/21, Summit Corporation paid P5,400,000 to acquire Mighty. What amount of goodwill should Summit record as a result of this purchase? O P2,400,000 O P2,100,000 O P400,000
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