Compute for the NCI on June 30, 2023. On June 30, 2021, ABC Co. acquired 75,000 of DEF Co.'s 100,000 outstanding shares with par value per share of P1 for P4 per share.At this time, Nymph's shares have a quoted price of P3.50 per share and Nymph's retained earnings is P80,000.Additional information:Nymph's total assets include land classified as investment property at a cost of P180,000. The land's fair values are P200,000 onacquisition date and P320,000 on June 30, 2023. DEF uses the cost model for its investment properties. However, the group usesthe fair value model.On acquisition date, Nymph's building classified as property, plant, and equipment had a fair value of P30,000 in excess of itscarrying amount. The building's remaining useful life is 5 years. The group uses the straight-line method of depreciation.The current accounts on June 30, 2023 include intercompany receivables and payables of P10,000.An impairment test on June 30, 2023 concluded that goodwill is impaired by P20,000.NCI is measured at fair value.There are no subsequent changes in Nymph's outstanding shares.The June 30, 2023 individual financial statements of the entities show the following information:ABC Co.DEF Co.Total assets1,000,000500,000120,000100,000Total liabilities200,000Share capitalRetained earningsTotal liabilities and equity300,000500,0001,000,000280,000500,000

Consolidated financial statements are the financial statements of a group consisting of multiple…

Answered: Compute for the NCI on June 30, 2023.

Business

Accounting

Compute for the NCI on June 30, 2023.

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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