Angry Co. acquired a 20% interest in Misery Co many years ago. On January 1, 20x1, Angry acquired an additional 40% interest in Misery for P300,000. On this date, Misery's net identifiable assets have a fair value of 690,000, and Angry's PHI has a carrying value of P128,000 and a fair value of P138,000. Angry opted to measure the NCI at 'proportionate share. How much is the goodwill? Record the transaction if the PHI was classified as Investment
Angry Co. acquired a 20% interest in Misery Co many years ago. On January 1, 20x1, Angry acquired an additional 40% interest in Misery for P300,000. On this date, Misery's net identifiable assets have a fair value of 690,000, and Angry's PHI has a carrying value of P128,000 and a fair value of P138,000. Angry opted to measure the NCI at 'proportionate share. How much is the goodwill? Record the transaction if the PHI was classified as Investment
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Angry Co. acquired a 20% interest in Misery Co many years ago. On January 1, 20x1, Angry acquired an additional 40% interest in Misery for P300,000. On this date, Misery's net identifiable assets have a fair value of 690,000, and Angry's PHI has a carrying value of P128,000 and a fair value of P138,000. Angry opted to measure the NCI at 'proportionate share.
How much is the
Record the transaction if the PHI was classified as Investment in Associate
Record the transaction if the PHI was classified as FVOCI
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