Determine the following asset balances that would appear in the consolidated financial statements of Portland and its 80% owned subsidiary:1) Current Assets2) Land3) Building and Equipment4) Goodwill5) Investment in Sidney Corporation6) Ordinary shares7) Retained earnings8) Minority interest9) Goodwill and minority interest assuming that Sydney’s shares are traded in the stock marketat P 20/share. Portland Corporation purchased 80% of the voting common stock of Sidney Corporation for P2,760,000cash on January 2, 2020. On this date, before combination, the book value and fair value of Portland andSidney were as follows:Portland CorporationBook valueP 3,000,000800,0001,100,000900,0003,100,0006,000,0003,500,000P18,400,000400,0001,500,000Sidney CorporationFair value60,000200,000500,000200,000600,0001,800,000600,000P3,960,000200,000560,000Fair valueBook valueP 3,000,000800,0001,200,000900,0004,000,0008,000,0004,500,000P22,400,000400,0001,600,000CashReceivables - net60,000200,000400,000150,000500,0001,000,000800,000P3,110,000200,000610,0002,000,000300,000P3,110,000PPInventoriesOther current assetsLandBuildings - netEquipment - netAccounts payableOther liabilitiesShare capital, P10 P15,000,000Retained earnings1,500,000P18,400,000Determine the following asset balances that would appear in the consolidated financial statementsof Portland and its 80% owned subsidiary:Current Assets1)2)3)LandBuilding and EquipmentGoodwill4)Investment in Sidney Corporation5)6)Ordinary shares7)Retained earnings8)Minority interest9)Goodwill and minority interest assuming that Sydney's shares are traded in the stock marketat P 20/share.

In the preparation of the consolidated financial statements, Book values in case of Parent company…

Determine the following asset balances that would appear in the consolidated financial statements of Portland and its 80% owned subsidiary: 1) Current Assets 2) Land 3) Building and Equipment 4) Goodwill 5) Investment in Sidney Corporation 6) Ordinary shares 7) Retained earnings 8) Minority interest 9) Goodwill and minority interest assuming that Sydney’s shares are traded in the stock market at P 20/share.

Determine the following asset balances that would appear in the consolidated financial statements of Portland and its 80% owned subsidiary: 1) Current Assets 2) Land 3) Building and Equipment 4) Goodwill 5) Investment in Sidney Corporation 6) Ordinary shares 7) Retained earnings 8) Minority interest 9) Goodwill and minority interest assuming that Sydney’s shares are traded in the stock market at P 20/share.

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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