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The vv company had these account at the time it was acquired by bush co. Cash p 36,000 accounts receivables 457,000 inventories 120,000 plants property and equipment 696,400 accounts payable 350,800 bush co paid p 1,400,000 for net assets of vv company. It was determined that fair market values of inventories and plan, property and equipment were 133,000 and 900,000, respectively. An assumed contingent liability arising from past events with a fair value amounting to p10,000 and such amount is considered a reliable measurement.
Sagot :
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