Please answer numbers 29, 34 and 35 29. Maynard Corporation reports net assets of P300,000 at book value.no These assets have an estimated market value of P350,000. JimCorporation buys 80% ownership of Maynard for P300,000; there is acontrol premium of P10,000 included in the purchase price.Of the Goodwill reported in the consolidated balance sheet (as of dateof acquisition), how much is attributable to the non-controllinginterest?a. Р3,000b. P5,000с. Р2,500d. P4,500 Beta Company. Negotiations have been made and on January 3, 2022,34. On October 1, 2021, Alpha Company is interested in the business eeBeta Company. Negotiations have been made and on January 3, 2022an agreement was reached and the net assets with a fair valueP6,000,000 were exchanged on this date for the following:100,000 shares in Alpha Company, par P10, market value, P25P4,000,000 cash, half to be paid on date of exchange and the othenpayable in semi-annual installments of P500,000 beginning June30, 2022. (assume a market rate of interest of 12%)Non-cash assets, book value of P200,000, fair market value ofP240,000In issuing the equity instruments, Alpha Company incurred thefollowing:o underwriting cots and brokerage fees, P20,000o transaction costs suchprofessional advisers fee, P5,000.as stamp duties andLegal and accounting fees related with the business combination,P30,000.How much is the goodwill on business combination?a. P472,500b. P258,700с. Р598,500d. P527,50035. The total amount that will affect the P/L as of the date of acquisitionis:P30,000b. P55,000c. P25,000d. P70,000on e. Pl0,000001OMAlig

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29. Maynard Corporation reports net assets of P300,000 at book value. These assets have an estimated market value of P350,000. Jim Corporation buys 80% ownership of Maynard 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? a. P3,000 b. P5,000 c. P2,500 d. P4,500

29. Maynard Corporation reports net assets of P300,000 at book value. These assets have an estimated market value of P350,000. Jim Corporation buys 80% ownership of Maynard 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? a. P3,000 b. P5,000 c. P2,500 d. P4,500

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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On October 1, 2017, Alpha Company is interested in the business of Beta Company. Negotiations have been done and on January 3, 2018, an agreement was reached and the net assets with a fair value of P6,000,000 were exchanged on this date for the following:100,000 shares in Alpha Company, par P10, market value, P25P4,000,000 cash, half to be paid on date of exchange and the other payable in semi-annual installments of P500,000 beginning June 30, 2018. (assume a market rate of interest of 12% and round off present value factor to three decimal places)Non-cash assets, book value of P200,000, fair market value of P240,000 In issuing the equity instruments, Alpha Company incurred the following: -underwriting cots and brokerage fees, P20,000 -transaction costs such as stamp duties and professional advisers fee, P5,000.Legal and accounting fees related with the business combination, P30,000.Determine the amount of Goodwill.
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