Problem 2: The following statements of financial positions were prepared for HAGUPIT Corporation and GILAS Corporation on January 1, 2022, just before they entered into a business combination. HAGUPIT Corporation GILAS Corporation Book value Fair value Book value Fair value Cash P 150,000 P 150,000 P 10.000 P 10,000 Receivables [net) 150,000 150,000 40,000 40,000 Inventories 100,000 600,000 100.000 245,000 Building & equipment 800,000 870,000 200,000 250,000 Accumulated Dep'n (200,000) (50,000) Goodwill 100 000 P1.300,000 P 400,000 Accounts payable P 100,000 P 100,000 P 140,000 P 140,000 Bonds Payable 400,000 440,000 60 000 85,000 Ordinary shares , P10 par 300,000 P 5 par 100,000 Share premium 100,000 20,000 Retained earnings 400,000 80,000 P1.300,000 P 400.000 HAGUPIT Corporation acquired the net assets of GILAS Corporation by issuing 10,000 shares of ordinary shares with a market value of P 20. Additional cash payments made by HAGUPIT Corporation in completing the acquisition were: Broker's fee paid to firm that located G Company P 10,000 Cost to register and issue stocks 40,000 Professional fees paid to accountants 20.000 Professional fees paid to lawyers 20.000 Professional fees paid to official valuers 20.000 Indirect acquisition cost 15,000 Immediately after the business combination, determine the following amounts in the books of HAGUPIT Corporation: 1. Total assets _. 2. Total shareholders' equity