Homework Help is Here – Start Your Trial Now!
Business
Accounting
Determine the following account balances as of December 31, 2021 (3 years after acquisition). Fill-up the answers in the following order: 11. Investment in Sagigilid Company (on Pag-ibig Corp's individual financial records) 12. Non-controlling interest on the consolidated financial statements 13. Consolidated Comprehensive Income 14. Comprehensive income attributable to NCI 15. Consolidated equipment (net) 16. Consolidated buildings (net) 17. Consolidated land 18. Consolidated goodwill (net) 19. Consolidated common stock 20. Consolidated retained earnings, 12/31/2021

Determine the following account balances as of December 31, 2021 (3 years after acquisition). Fill-up the answers in the following order: 11. Investment in Sagigilid Company (on Pag-ibig Corp's individual financial records) 12. Non-controlling interest on the consolidated financial statements 13. Consolidated Comprehensive Income 14. Comprehensive income attributable to NCI 15. Consolidated equipment (net) 16. Consolidated buildings (net) 17. Consolidated land 18. Consolidated goodwill (net) 19. Consolidated common stock 20. Consolidated retained earnings, 12/31/2021

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
structure.com uses/21517/ 5/981/take/questions/1391597 Equipment (net) 450,000 90,000 Buildings (net) 600,000 120,000 Land 875,000 100,000 Common Stock 300,000 100,000 Retained Earnings, 12/31/20 800,000 433,000 The goodwill was determined to be impaired on December 31, 2021 by P20,000 which was based on the grossed-up goodwill. Determine the following account balances as of December 31, 2021 (3 years after acquisition). Fill-up the answers in the following order: 11. Investment in Sagigilid Company (on Pag-ibig Corp's individual financial records) 12. Non-controlling interest on the consolidated financial statements 13. Consolidated Comprehensive Income 14. Comprehensive income attributable to NCI 15. Consolidated equipment (net) 16. Consolidated buildings (net) 17. Consolidated land 18. Consolidated goodwill (net) 19. Consolidated common stock 20. Consolidated retained earnings, 12/31/2021 Previous Ps
Transcribed Image Text:structure.com uses/21517/ 5/981/take/questions/1391597 Equipment (net) 450,000 90,000 Buildings (net) 600,000 120,000 Land 875,000 100,000 Common Stock 300,000 100,000 Retained Earnings, 12/31/20 800,000 433,000 The goodwill was determined to be impaired on December 31, 2021 by P20,000 which was based on the grossed-up goodwill. Determine the following account balances as of December 31, 2021 (3 years after acquisition). Fill-up the answers in the following order: 11. Investment in Sagigilid Company (on Pag-ibig Corp's individual financial records) 12. Non-controlling interest on the consolidated financial statements 13. Consolidated Comprehensive Income 14. Comprehensive income attributable to NCI 15. Consolidated equipment (net) 16. Consolidated buildings (net) 17. Consolidated land 18. Consolidated goodwill (net) 19. Consolidated common stock 20. Consolidated retained earnings, 12/31/2021 Previous Ps
m SY. 2021-2022 Problem 3 The following iInformation will be used in Question nos. 11-20 uncements Pag-ibig Corporation acquired 70% of outstanding stocks of Sagigilid Company on January 1, 2019, for P450,000 in cash. Sagigilid Company had a book value of P480,000 on that date. NCI and goodwill were to be measured using the partial goodwill approach. However, an equipment with a 5-year life was overvalued by P30,000 on Sagigilid Company's financial statements. Also, a building with a 15-year life and land were undervalued by P15,000 and P25,000 respectively. Subsequent to acquisition, Sagigilid Company reported the following: Jes slons eButton rences) Year CI Dividends Paid 2019 60,000 12,000 b OPAC 2020 80,000 30,000 2021 120,000 50,000 In accounting for investment, Pag-ibig Company uses the cost method. Selected accounts taken from the financial records of these two companies as of December 31, 2021, are as follows: Pag-ibig Corp. Sagigilid Co. Revenues-Operating 500,000 450,000 Expenses 350,000 330,000 Equipment (net) 450,000 90,000 Buildings (net) 600,000 120,000 Land 875,000 100,000 Common Stock 300,000 100,000 Retained Earnings. 12/31/2O 800,000 433,000 The goodwill was determined to be impaired on December 31. 2021 by P20,000 which was based on the grossed-up goodwill. Determine the following account balances as of December 31, 2021 (3 years after acquisition). Fill-up the answers in the following order: 11 Investment in Sagioilirl Comnany (on Pao-ihio Corn'sindividual financial records) 29°C Rain sho... ^ Ps
Transcribed Image Text:m SY. 2021-2022 Problem 3 The following iInformation will be used in Question nos. 11-20 uncements Pag-ibig Corporation acquired 70% of outstanding stocks of Sagigilid Company on January 1, 2019, for P450,000 in cash. Sagigilid Company had a book value of P480,000 on that date. NCI and goodwill were to be measured using the partial goodwill approach. However, an equipment with a 5-year life was overvalued by P30,000 on Sagigilid Company's financial statements. Also, a building with a 15-year life and land were undervalued by P15,000 and P25,000 respectively. Subsequent to acquisition, Sagigilid Company reported the following: Jes slons eButton rences) Year CI Dividends Paid 2019 60,000 12,000 b OPAC 2020 80,000 30,000 2021 120,000 50,000 In accounting for investment, Pag-ibig Company uses the cost method. Selected accounts taken from the financial records of these two companies as of December 31, 2021, are as follows: Pag-ibig Corp. Sagigilid Co. Revenues-Operating 500,000 450,000 Expenses 350,000 330,000 Equipment (net) 450,000 90,000 Buildings (net) 600,000 120,000 Land 875,000 100,000 Common Stock 300,000 100,000 Retained Earnings. 12/31/2O 800,000 433,000 The goodwill was determined to be impaired on December 31. 2021 by P20,000 which was based on the grossed-up goodwill. Determine the following account balances as of December 31, 2021 (3 years after acquisition). Fill-up the answers in the following order: 11 Investment in Sagioilirl Comnany (on Pao-ihio Corn'sindividual financial records) 29°C Rain sho... ^ Ps
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 11 steps with 11 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Intangible assets
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS