1. Jeep Co. accquired 60% interest in Taxi Co. on January 1, 20x1. Information on the combining entities' accounts right after the business combination follows: Jeep Co. (carrying amount) 1,296,000 Taxi Co. (carrying amount) Other assets 444,000 Investment in subsidiary 360,000 Liabilities (240,000) (96,000) Net assets 1,416,000 348,000 Taxi's net assets have a fair value of #310,000. The NCI is measured at a fair value of P240,000. How much is the consolidated total assets?

1. Jeep Co. accquired 60% interest in Taxi Co. on January 1, 20x1. Information on the combining entities' accounts right after the business combination follows: Jeep Co. (carrying amount) 1,296,000 Taxi Co. (carrying amount) Other assets 444,000 Investment in subsidiary 360,000 Liabilities (240,000) (96,000) Net assets 1,416,000 348,000 Taxi's net assets have a fair value of #310,000. The NCI is measured at a fair value of P240,000. How much is the consolidated total assets?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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