Market Value P40,000 230,000 700,000 Book Value P40,000 Cash Inventory Plant Assets (net) 170,000 620,000 220,000| Cost of Goods Sold Depreciation Expense Liabilities Common Stock Retained Earnings Sales 60,000 (300,000) (300,000) (10,000) (450,000) (350,000)
Market Value P40,000 230,000 700,000 Book Value P40,000 Cash Inventory Plant Assets (net) 170,000 620,000 220,000| Cost of Goods Sold Depreciation Expense Liabilities Common Stock Retained Earnings Sales 60,000 (300,000) (300,000) (10,000) (450,000) (350,000)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ Corporation had the following book values and market values. What is the amount of non-controlling interest on the acquisition date consolidated
![Book Value
P40,000
170,000
620,000
220,000|
60,000
(300,000)
(10,000)
(450,000)
(350,000)
Market Value
P40,000
Cash
Inventory
Plant Assets (net)
Cost of Goods Sold
230,000
700,000
Depreciation Expense
Liabilities
(300,000)
Common Stock
Retained Earnings
Sales](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3d70ac3a-e9f4-4c59-96e0-91da6d9865f0%2Fe2e859d4-3526-4b26-b9be-388a62d7180a%2Fawje7ui_processed.png&w=3840&q=75)
Transcribed Image Text:Book Value
P40,000
170,000
620,000
220,000|
60,000
(300,000)
(10,000)
(450,000)
(350,000)
Market Value
P40,000
Cash
Inventory
Plant Assets (net)
Cost of Goods Sold
230,000
700,000
Depreciation Expense
Liabilities
(300,000)
Common Stock
Retained Earnings
Sales
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