On January 10, 2020, Fey Co. acquired a 40% interest in Hana Co. for P4,800,000. Fey already held a 25% interest which had been acquired for P1,600,000 but which was valued at P1,920,000 at January 10, 2020. The fair value of non-controlling interest(NCI) at January 10, 2018 was P2,400,000, and the fair value of the identifiable net assets of Hana Co. was P8,400,000.How much is the goodwill to be recognized as a result of business combination?

Q: Required: Prepare All Elimination Entries on Dec.31, 2021 and on Dec.31, 2022

A: Elimination entries are accounting adjustments made in consolidation to remove intercompany…

Q: On January 1, 2021, Ackerman Company acquires 80% of Seidel Company for $2,037,280 in cash…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: The Individual financial statements for Gibson Company and Keller Company for the year ending…

A: Consolidation is an activity in which financial statements of a parent and its subsidiary should be…

Q: Madari Ltd purchased 100% of the shares of Concerto Ltd on 1 July 2020 for $70,000. On the date of…

A: ConsolidationThe combination of one or two elements is called consolidation. When a company acquires…

Q: A Co. acquired 60% of the outstanding shares of B Co. on January 2, 2021. A Co. acquired it at book…

A: A consolidated income statement is prepared by the parent company which combines the standalone…

Q: Permata Corporation acquired 60% of Akik Corporation on January 1, 2019, at a cost of…

A: Non-controlling interest refers to the shareholders of an entity who can not control the entity due…

Q: On January 1, 2020, Mcllroy, Inc., acquired a 60 percent interest in the common stock of Stinson,…

A: Consolidation is an activity in which financial statements of a parent and its subsidiary should be…

Q: Jupiter Corporation acquired 80 percent ownership of Saturn Corporation on January 1, 2019, for…

A: The Consolidated Financial Statement is prepared by the holding company by combining  its own and…

Q: On January 1, 2020, Pfizer Corp. acquired 80% of Vaxx Corp.’s common stock for P160,000 cash. The…

A: Total fair value of assets of Vaxx Corporation = Cash + Accounts receivable + Inventory + Land +…

Q: On January 1, 2021, Ackerman Company acquires 80% of Seidel Company for $1,814,720 in cash…

A:

Q: On January 1, 2023, Palka, Incorporated, acquired 70 percent of the outstanding shares of Sellinger…

A: Required A: Journal Entry for Additional Acquisition To record Palka's acquisition of an additional…

Q: On January 1, 2020, Corgan Company acquired 70 percent of the outstanding voting stock of Smashing,…

A: An accounting methodology that a business uses to recognize the earnings from its investment in…

Q: On January 1, 2023, Palka, Incorporated, acquired 70 percent of the outstanding shares of Sellinger…

A: The business unit procures additional business for the purpose of diversifying its commercial…

Q: On January 1, 2020, Pfizer Corp. acquired 80% of Vaxx Corp's common stock for P160,000 cash. The…

A: Pfizer Corp acquired 80% share in Vax Corp.   So  now as per law Pfizer…

Q: uisition-date fair value of $350,000. This intangible asset is being amortized over 20 years. Gibson…

A: The process of integrating the financial results of numerous subsidiary firms into the parent…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.