Use the following information for question 6 and 7: Marksman acquired 100 percent of Tribal Transit for P275,000. At the date of acquisition, Fast Transit had the following book and market values:...

Use the following information for question 6 and 7:<br>Marksman acquired 100 percent of Tribal Transit for P275,000. At the date of<br>acquisition, Fast Transit had the following book and market values:<br>Book Value<br>Market Value<br>Cash and Receivables P30,000<br>P30.000<br>Inventory<br>100,000<br>120,000<br>Plant Assets (net)<br>210,000<br>300,000<br>Current Liabilities<br>(45,000)<br>(45,000)<br>Long-term Debt<br>(115,000)<br>(115,000)<br>Common Stock<br>(10,000)<br>Retained Earnings<br>(170,000)<br>6. What is the amount of the

Extracted text: Use the following information for question 6 and 7: Marksman acquired 100 percent of Tribal Transit for P275,000. At the date of acquisition, Fast Transit had the following book and market values: Book Value Market Value Cash and Receivables P30,000 P30.000 Inventory 100,000 120,000 Plant Assets (net) 210,000 300,000 Current Liabilities (45,000) (45,000) Long-term Debt (115,000) (115,000) Common Stock (10,000) Retained Earnings (170,000) 6. What is the amount of the "Investment in Tribal Transit" account on Marksman's financial records at the acquisition date? 7. What amount of pre-acquisition earnings is eliminated in the acquisition date worksheet elimination?

Jun 10, 2022

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Use the following information for question 6 and 7: Marksman acquired 100 percent of Tribal Transit for P275,000. At the date of acquisition, Fast Transit had the following book and market values:...

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