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question 1 and 2 On December 31, 2015, the following information were taken from the trial balances of Shintarou Company and Midorima Company: Cash Accounts

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On December 31, 2015, the following information were taken from the trial balances of Shintarou Company and Midorima Company: Cash Accounts Receivable Inventories Noncurrent Assets Current Liabilities Noncurrent Liabilities Ordinary Shares Share Premium Retained Earnings Shintarou P120.000 30,000 130,000 160,000 30,000 60,000 110,000 20,000 220,000 Midorima P 20,000 30,000 100,000 130,000 20,000 40,000 100,000 0 120,000 On December 31, 2015, Shintarou issues 4,000 shares of its P20 par value stock for 70% of the outstanding shares of Midorima. Shintarou's stock had a P28 per share fair value. Contingent consideration that is determinable amounted to P12,000. Shintarou also paid the following: P19,000 for broker's fee, P21,000 for pre-acquisition audit fee, P20,500 for legal fees, P17,000 for audit fee for SEC registration regarding stock issue and P16,500 for printing stock certificates. Midorima holds a machinery that is worth P25,000 less than its current carrying amount. The retained earnings of Midorima on January 1, 2014 amounted to P60,000. The fair value of the non-controlling interest is P50,000. 1. How much is the consolidated assets after the combination? 2. How much is the consolidated liabilities after the combination? 3. How much is the consolidated share premium after the combination? 4. How much is the consolidated retained earnings after the combination

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