CALUM Co. paid P150,000 for its 75% interest in LUKE Co. CALUM elected to value NCI at fair value. LUKE's net identifiable assets approximated their fair values at acquisition date. The acquisition resulted in a goodwill attributable to NCI of P10,000. Since the acquisition date, LUKE has made accumulated profits of P200,000. There have been no changes in LUKE's share capital since acquisition date. The group determined that goodwill has been impaired by P8,000. CALUM CO. LUKE CO. Total Assets 1,000,000 500,000 Total Liabilities 200,000 120,000 Share Capital 300,000 100,000 Retained Earnings 500,000 280,000 Total Liabilities and Equity 1,000,000 500,000 How much is the NCI in net assets?
CALUM Co. paid P150,000 for its 75% interest in LUKE Co. CALUM elected to value NCI at fair value. LUKE's net identifiable assets approximated their fair values at acquisition date. The acquisition resulted in a goodwill attributable to NCI of P10,000. Since the acquisition date, LUKE has made accumulated profits of P200,000. There have been no changes in LUKE's share capital since acquisition date. The group determined that goodwill has been impaired by P8,000. CALUM CO. LUKE CO. Total Assets 1,000,000 500,000 Total Liabilities 200,000 120,000 Share Capital 300,000 100,000 Retained Earnings 500,000 280,000 Total Liabilities and Equity 1,000,000 500,000 How much is the NCI in net assets?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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CALUM Co. paid P150,000 for its 75% interest in LUKE Co. CALUM elected to value NCI at fair value. LUKE's net identifiable assets approximated their fair values at acquisition date. The acquisition resulted in a
Since the acquisition date, LUKE has made
| CALUM CO. | LUKE CO. | |
| Total Assets | 1,000,000 | 500,000 |
| Total Liabilities | 200,000 | 120,000 |
| Share Capital | 300,000 | 100,000 |
| Retained Earnings | 500,000 | 280,000 |
| Total Liabilities and Equity | 1,000,000 | 500,000 |
How much is the NCI in net assets?
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