Question
The condensed statement of financial position of P Corporation and SCompany as of October 31,2013 are presented below: P Corp.S Co. Assets P3,800,000P850,000 liabilities 1,350,000250,000
The condensed statement of financial position of P Corporation and SCompany as of October 31,2013 are presented below:
P Corp.S Co.
Assets P3,800,000P850,000
liabilities 1,350,000250,000
Common stock, P100 par1,500,000500,000
Retained earnings 950,000100,000
total P3,800,000P3,800,000
On October 31,2013, P Corporation acquired 4,000 shares of S Company at P520,000. The market price of the 1,000 shares of S on October 31,2013 is P140 per share. In the consolidated statement of financial position on October 31,2013, total assets are to be reported at
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Principles Of Financial Accounting
Authors: Jerry J. Weygandt, Michael J. Atkins, Donald E. Kieso, Paul D. Kimmel, Valerie Ann Kinnear, Barbara Trenholm, Joan E. Barlow
1st Canadian Edition
1118757149, 978-1118757147
