How much is the consolidated asset for 2022? ABC acquired 70% of EFG on June 30, 2021. Based on EFG's acquisition-date fair value on intangible ofP300,000 was recognized and is being amortized at the rate of P10,000 per year. The 2022 financialstatements are as follows:АВСEFGSalesCost of goods soldOperating ExpensesDividend Income800,000(535,000)(100,000)35,000200,000600,000(400,000)(100,000)Net Income100,000Retained Earnings, beg1,300,000200,000(100,000)1,400,000850,000100,000(50,000)900,000Net IncomeDividend PaidRetained Earnings, endCash and ReceivablesInventoryInvestment in EFGFixed AssetsAccumulated DepreciationTotals400,000298,000300,000700,000902,0001,000,000(300,000)2,300,000600,000(200,000)1,400,000Labilities600,000300,000400,000100,000Ordinary ShareAccumulated Profit1,400,0002,300,000900,0001,400,000TotalsABC sold EFG inventory costing P72,000 during the last six months of 2021 for P120,000. At year-end30% remained. ABC sells EFG inventory costing P200,000 during 2022 for P250,000. At year-end, 20% isleft. Compute for Consolidated asset for 2022.

In a consolidated financial statement, the unrealized gains on intra-group transactions should be…

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Business

Accounting

How much is the consolidated asset for 2022?

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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