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Section: Date:
On April 30, 2014, MANACSA Corporation for P30 per share all 200,000 of
LIWANAG Company’s outstanding ordinary share. On this date, Liwanag’s
balance sheet showed net assets of P5,000,000. Additionally, the fair
value of Liwanag’s net assets on the same date was P600,000 in excess
of their carrying amount.
1. What amount should SIOSA report as goodwill in its April 30, 2014
consolidated balance sheet?