Homework Help is Here – Start Your Trial Now!
Business
Accounting
16

16

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

16

On July 1, 2021, Goldilooks Corp. acquired 100% of the Red Ribbon Inc. for a consideration transferred of P160,000,000. At the acquisition date, the carrying amount of Red Ribbon Inc. net assets was P100,000,000. At the acquisition date, a provisional fair value of P120,000,000 was attributed to the net assets. An additional valuation received on May 31, 2022 increased this provisional fair value to P135,000,000 and on July 30, 2022, this fair value was finalized at P140,000,000. What amount should Goldilooks Corp. present for goodwill in its statement of financial position at December 31, 2022, according to IFRS 3?
Transcribed Image Text:On July 1, 2021, Goldilooks Corp. acquired 100% of the Red Ribbon Inc. for a consideration transferred of P160,000,000. At the acquisition date, the carrying amount of Red Ribbon Inc. net assets was P100,000,000. At the acquisition date, a provisional fair value of P120,000,000 was attributed to the net assets. An additional valuation received on May 31, 2022 increased this provisional fair value to P135,000,000 and on July 30, 2022, this fair value was finalized at P140,000,000. What amount should Goldilooks Corp. present for goodwill in its statement of financial position at December 31, 2022, according to IFRS 3?
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS