cash. Oh thls date, the equity or S Company Jahuary 3, 2019, P Company acquired 70% Interest in S Company for P4,200 s as follows: Ordinary Share Capital Accumulated Profits P. Company 3,300,000 S Company 1,450,000 2,800,000 5,450,000 There was no issuance of ordinary shares during the year. Non-controlling interest is initially measured at fair value of P1,675,000. Fair value of the following assets of S Company exceeded their book values: Inventories, P150,000; Fixed assets (remaining life - 5 years), P600,000. All other assets and liabilities are fairly valued. Goodwill is impaired by P225,000. P Company reported ncome and declared dividend of P1,425,500 and P380,250, respectively. S Company has income and dividend declared of P750,000 and P150,000, respectively.

cash. Oh thls date, the equity or S Company Jahuary 3, 2019, P Company acquired 70% Interest in S Company for P4,200 s as follows: Ordinary Share Capital Accumulated Profits P. Company 3,300,000 S Company 1,450,000 2,800,000 5,450,000 There was no issuance of ordinary shares during the year. Non-controlling interest is initially measured at fair value of P1,675,000. Fair value of the following assets of S Company exceeded their book values: Inventories, P150,000; Fixed assets (remaining life - 5 years), P600,000. All other assets and liabilities are fairly valued. Goodwill is impaired by P225,000. P Company reported ncome and declared dividend of P1,425,500 and P380,250, respectively. S Company has income and dividend declared of P750,000 and P150,000, respectively.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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