48. Assuming Perry Company acquired 80% of the outstanding ordinary share of Sassy Company for P273,600 excluding control premium of P36,000. Non-controlling interest is measured at fair value, how much is the total consolidated assets on the date of acquisition?
48. Assuming Perry Company acquired 80% of the outstanding ordinary share of Sassy Company for P273,600 excluding control premium of P36,000. Non-controlling interest is measured at fair value, how much is the total consolidated assets on the date of acquisition?
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA2: Investments
Section: Chapter Questions
Problem 25E
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![On January 2, 2019, the Statement of Financial Position of Perry and Sassy Company prior to the combination are:
Perry Company
Sassy Company
P900,000
P30,000
Cash
Inventories
600,000
60,000
Property and equipment (net)
1,500,000
210,000
Total Assets
P3.000.000
P300.000
Current liabilities
180,000
30,000
Ordinary share, P100 par
300,000
30,000
Share premium
900,000
60,000
Retained Earnings
1,620,000
180,000
Total Liabilities and SHE
P3.000.000
P300.000
The fair value of Sassy Company's equipment is P306,000
Assume the following independent cases (No.48 and 49):
48. Assuming Perry Company acquired 80% of the outstanding ordinary share of Sassy Company for P273,600 excluding control
premium of P36,000. Non-controlling interest is measured at fair value, how much is the total consolidated assets on the date
of acquisition?
a.
3,412,800
c. 3,073,200
d. 3,103,200
b. 3,139,200
49. Assuming Perry Company acquired 90% of the outstanding shares of Sassy Company for P312,000 including control
premium of P72,000 and non-controlling interest is measured at fair value, how much is the total consolidated stockholders
equity on the date of acquisition?
a. 2,837,400
c. 2,820,000
d. 3,090,000
b. 2,874,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F282a6ed0-0340-4c0b-8b6c-44dc4e17769b%2F030a0e9e-d180-4f7e-ae73-89813480dd3f%2Fs2qff8i_processed.png&w=3840&q=75)
Transcribed Image Text:On January 2, 2019, the Statement of Financial Position of Perry and Sassy Company prior to the combination are:
Perry Company
Sassy Company
P900,000
P30,000
Cash
Inventories
600,000
60,000
Property and equipment (net)
1,500,000
210,000
Total Assets
P3.000.000
P300.000
Current liabilities
180,000
30,000
Ordinary share, P100 par
300,000
30,000
Share premium
900,000
60,000
Retained Earnings
1,620,000
180,000
Total Liabilities and SHE
P3.000.000
P300.000
The fair value of Sassy Company's equipment is P306,000
Assume the following independent cases (No.48 and 49):
48. Assuming Perry Company acquired 80% of the outstanding ordinary share of Sassy Company for P273,600 excluding control
premium of P36,000. Non-controlling interest is measured at fair value, how much is the total consolidated assets on the date
of acquisition?
a.
3,412,800
c. 3,073,200
d. 3,103,200
b. 3,139,200
49. Assuming Perry Company acquired 90% of the outstanding shares of Sassy Company for P312,000 including control
premium of P72,000 and non-controlling interest is measured at fair value, how much is the total consolidated stockholders
equity on the date of acquisition?
a. 2,837,400
c. 2,820,000
d. 3,090,000
b. 2,874,000
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