On January $1,2024,$ PALO Towers acquired $24,000$ shares of SWISS Corporation by issuing $9,450$ of

its ordinary shares with a market value of $P80$ per share. Registration of shares and share

certificates paid amounted to $P25,000.$ Business combination expenses paid amounted to $75,000.$

On that date, the assets and liabilities of SWISS Corporation have market value different from the

book values as follows:

Required: For December $31,2024$ consolidation, prepare the following:

a$.$ Prepare a table of determination and allocation of excess.

b$.$ Prepare the adjustment and elimination entries.

c$.$ Prepare the consolidated financial statements.

I. Consolidated Statement of Comprehensive Income

II$.$ Comprehensive Statement of Financial Position