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Lomoarcpsd7457597 donna company pays p10000000 in

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lOMoARcPSD|7457597
Donna Company pays P10,000,000 in cash to acquire the assets and liabilities of Divine Company.Donna records a bargain purchase gain on acquisition oflOMoARcPSD|7457597
35.An entity acquired 60% of the share capital of a foreign entity on June 30, 2020. The fair value ofthe net assets of the foreign entity at that date was 6 million baht. This value was 1.2 millionhigher than the carrying amount of the net assets of the foreign entity. The excess was due to theincrease in value of non-depreciable land. The functional currency of the entity is the peso. Thefinancial year-end of the entity is December 30, 2020. The exchange rates at June 30, 2020, andDecember 31, 2020 were .5 baht = P1 and 2 baht = P1, respectively.What figure for the fair value adjustments should be included in the group financial statementsfor the year ended December 31, 2020?
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Term
Fall
Professor
professor_unknown
Tags
Balance Sheet, Generally Accepted Accounting Principles, Van Essa

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