On February 1, 20x1, Paco Corp. acquired outstanding ordinary shares of School Inc. for cash. The incomplete working paper elimination entries on that date for the consolidated of statement of financial position of Paco Corp. and School Inc. are shown below: WPEE 1 Shareholders' equity - School Inc. 1,453,500 Investment in School Inc. 1,235,475 Non-controlling interest 218,025 WPEE 2 Inventories 33,150 Equipment 280,500 Goodwill ? Investment in School Inc. 349,775 Non-controlling interest ? Assuming NCI is measured at NCI proportionate share, the cash consideration excludes control premium amounting to P25,000, what is the amount of goodwill?
On February 1, 20x1, Paco Corp. acquired outstanding ordinary shares of School Inc. for cash. The incomplete working paper elimination entries on that date for the consolidated of statement of financial position of Paco Corp. and School Inc. are shown below: WPEE 1 Shareholders' equity - School Inc. 1,453,500 Investment in School Inc. 1,235,475 Non-controlling interest 218,025 WPEE 2 Inventories 33,150 Equipment 280,500 Goodwill ? Investment in School Inc. 349,775 Non-controlling interest ? Assuming NCI is measured at NCI proportionate share, the cash consideration excludes control premium amounting to P25,000, what is the amount of goodwill?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
On February 1, 20x1, Paco Corp. acquired outstanding ordinary shares of School Inc. for cash. The incomplete working paper elimination entries on that date for the consolidated of
|
WPEE 1 |
Shareholders' equity - School Inc. |
1,453,500 |
|
|
Investment in School Inc. |
1,235,475 |
||
|
Non-controlling interest |
218,025 |
||
|
WPEE 2 |
Inventories |
33,150 |
|
|
Equipment |
280,500 |
||
|
|
? |
||
|
Investment in School Inc. |
349,775 |
||
|
Non-controlling interest |
? |
Assuming NCI is measured at NCI proportionate share, the cash consideration excludes control premium amounting to P25,000, what is the amount of goodwill?
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