240,0 00 x20. 18.000 P49,200 d. P24,200 X 26. c. 53,200 In January 2, 2022, Palawan Company purchased 80% of the 2. outstanding stock of Samar Company for P 5,600,000. Palawan opted to measure NCI proportionate to their share on the identifiable net assets. Company and Samar Company is composed of the following: At that date, the stockholder's equity of Palawan Palawan Company P 20,000,000 4,800,000 6,000,000 Samar Company P 4,600,000 1,400,000 1,480,000 Ordinary Shares APIC Retained Earnings The carrying values of the assets and liabilities of Samar Company are equal to their fair values, except for the following: Equipment with a five years remaining life had a fair value which is lower than the carrying amount by P240,000. The fair value of Samar Company's loan payable is to be adjusted upward by P 80,000.
240,0 00 x20. 18.000 P49,200 d. P24,200 X 26. c. 53,200 In January 2, 2022, Palawan Company purchased 80% of the 2. outstanding stock of Samar Company for P 5,600,000. Palawan opted to measure NCI proportionate to their share on the identifiable net assets. Company and Samar Company is composed of the following: At that date, the stockholder's equity of Palawan Palawan Company P 20,000,000 4,800,000 6,000,000 Samar Company P 4,600,000 1,400,000 1,480,000 Ordinary Shares APIC Retained Earnings The carrying values of the assets and liabilities of Samar Company are equal to their fair values, except for the following: Equipment with a five years remaining life had a fair value which is lower than the carrying amount by P240,000. The fair value of Samar Company's loan payable is to be adjusted upward by P 80,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Ab6,000
P49,200
240,000 x20. 32 000
c.
X 26 .
d. P24,200
53.200
2. In January 2, 2022, Palawan Company purchased 80% of the
outstanding stock of Samar Company for P 5,600,000. Palawan
opted to measure NCI proportionate to their share on the identifiable
At that date, the stockholder's equity of Palawan
Company and Samar Company is composed of the following:
net assets.
Ordinary Shares
APIC
Retained Earnings
Palawan Company
P 20,000,000
4,800,000
6,000,000
Samar Company
P 4,600,000
1,400,000
1,480,000
The carrying values of the assets and liabilities of Samar Company
are equal to their fair values, except for the following:
Equipment with a five years remaining life had a fair value
which is lower than the carrying amount by P240,000.
The fair value of Samar Company's loan payable is to be
adjusted upward by P 80,000.
Transcribed Image Text:ansfer tax is a tax imposed upon the gratuitous transfer of nre
privilege tax which is imposed on the act of passing ownershin
a tax on the property itseif (Domondon, Bar Reviewer in Toaxation
The transfer of ownerhi-
don-
TER 3: CONSOLIDATI ON -
SEQUENT TO DATE OF ACQUISITION
CH
SU
The Net income reported and dividends paid by Palawan and Sames
for 2022 follows:
5.
Palawan
Samar
Net Income
P 1,480,000
P 360,000
Dividends
1,000,000
320,000
The total shareholders equity in the consolidated balance sheet on
January 2,2022 is:
a. P32,232,000
b. P32,864,000
c. P32,624,000
d. P32,360,000
3. Using the data above, the NCI on December 31,2022 is:
a. P1,449,600
b. P1,465,600
c. P1,542,400
d. P1,414,400
4.
Plum Corporation acquired 80% of SI
ansfer tax is a tax upon the of prop-
TER -
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