On February 1, 20x21, 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
9. On February 1, 20x21, 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 fair value, the cash consideration includes control premium of P20,000, what is the amount of goodwill?
A. 94,321
B. 117,850
C. 125,000
D. 97,850
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