Use the following information and complete the requirements.

Assets------ Liabilities----- Stockholders/Shareholders'Equity: Simon Book Value Fair Value P600,000 P 650,000 P240,000 P180,000 200,000 Paul Book Value Fair Value P176,000 P218,000 P60,000 P 58,000 160,000 P 600,000 50,000 Common stock/Ordinary Shares (20 Par x 10,000 shares = 200K) & (10 Par x 5,000 shares = 50k) Retained earnings/Accumulated profit or loss Total Liabilities and Equities Assume that on January 1, 2019, Simon Company pays P100,000 in cash and issued 3,600 common stock (ordinary shares) with a fair value of P24 per share to Paul Corporation for all the net assets of that company, and that no other direct costs are involved. Because cash and stock are the means of payment, Required: 66,000 P176,000 1. Determine the acquirer and acquiree 2. Determine the Acquisition date 3. Compute for goodwill or gain on bargain purchase 4. Prepare the journal entry of the acquirer to record the acquisition. 5. Prepare the journal entry of the acquiree to record the sale of its assets and liabilities (or net assets). 6. Prepare the acquirer Balance sheet(Statement of Financial Position) after the business combination. 7. Prepare the acquiree Balance sheet(Statement of Financial Position) immediately after the sale of all of its net assets.