Use the following information for the next three items:On January 2, 2019, the Statement of Financial Position of Pepper and Steak Company prior to the combination are:Pepper Co.Steak Co.CashInventoriesPPE, netTotal AssetsCurrent LiabilitiesCommon stock, P100 parAdditional Paid in capitalRetained earningsTotal Liabilities and Stockholders' equityThe fair value of Steak Company's equipment is P153,000.Assume the following independent cases:P450,000300,000750,000P1,500,000A. P1,410,000B. P1,419,600P 90,000150,000450,000810,000P1,500,00018. Assuming Pepper Company acquired 70% of the outstanding common stock of Steak Company for P105,000 andNon-controlling interest is measured at fair value of P61,000, how much is the goodwill (gain on acquisition)?C. P23,100A. P(17,000)D. P(23,100)B. P17,000or19. Assuming Pepper Company acquired 80% of the outstanding common stock of Steak Company for P136,800 andnon-controlling interest is measured at non-controlling interest's proportionate share of Steak Company'sidentifiable net assets, how much is the consolidated stockholders' equity on the date of acquisition?C. P1,446,600D. P1,456,200P 15,00030,000105,000P150,000P15,00015,00030,00090,000P150,00020. Assuming Pepper Company acquired 90% of the outstanding common stock of Steak Company for P243,000 andNon-controlling interest is measured at fair value, how much is the total consolidated assets on the date ofacquisition?A. P1,542,000B. P1,785,000C. P1,737,000D. P1,494,000ACQUISITION

There are multiple questions but only the one question is solved due to our guidelines.A gain or…

18. Assuming Pepper Company acquired 70% of the outstanding common stock of Steak Company for P105,000 and Non-controlling interest is measured at fair value of P61,000, how much is the goodwill (gain on acquisition)? A. P(17,000) B. P17,000 C. P23,100 D. P(23,100) 126 800 and

18. Assuming Pepper Company acquired 70% of the outstanding common stock of Steak Company for P105,000 and Non-controlling interest is measured at fair value of P61,000, how much is the goodwill (gain on acquisition)? A. P(17,000) B. P17,000 C. P23,100 D. P(23,100) 126 800 and

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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B6.
000 Rohan Corporation holds assets with a fair value of P150,000 and a book value of P125,000 and liabilities with a book value and fair value of P50,000. 6) What balance will be assigned to the non-controlling interest in the consolidated balance sheet if Helms Company pays P90,000 to acquire 75 percent ownership in Rohan and goodwill of P20,000 is reported? a. P50,000 b. P30,000 C. P40,000 d. P20,000 eboop to Jaoo be oisbiloend 000,003 000,00 000,00
Assume that Company A acquires 70 per cent of Company B for a cash price of $14million when the share capital and reserves of Company B are:Share capital $8 millionRetained earnings $2 million$10 million(a) What amount of goodwill will be shown in the consolidated statement of financialposition pursuant to AASB 3 assuming that any non-controlling interest in the acquireris measured at fair value? (1 marks)(b) What amount of goodwill will be shown in the consolidated statement of financialposition pursuant to AASB 3 assuming that any non-controlling interest in the acquireris measured at the non-controlling interest’s proportionate share of the acquiree’sidentifiable net assets? (1 marks)(c) Pass the necessary consolidation journal entries and the journal entries to record thenon-controlling interest if the non-controlling interest in the acquirer is measured atthe non-controlling interest’s proportionate share of the acquiree’s identifiable netassets. (4 marks)(d) What are some of the…
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B8.
BTS Corporation reports net assets of P300,000 at book value. These net assets have an estimated fair value of P350,000. TWICE Corporation buys 80% ownership of BTS for P300,000; there is a control premium of P10,000 included in the purchase price.Of the goodwill reported in the consolidated balance sheet (as of date of acquisition), how much is attributable to the non-controlling interest? 3,000 2,500 4,500 5,000
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No. 32
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Subject: AFAR
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