On January 1, 2021, Eno Company purchased 80% of Zosi Co's P10 par common stock for P2,437,500. On this date, the carrying value of Zosi's net assets was P2,500,000. The fair value of Zosi's identifiable assets and liabilities approximates their book values except for plan assets (12 years original useful life), purchased Dec 31, 2018, which were P250,000 in excess of the carrying amount. For the year ended December 31, 2021, net income amounted to P475,000 and cash dividends paid was P250,000. In December 31, 2021 consolidated statement of financial position, non-controlling interest should be reported at:

On January 1, 2021, Eno Company purchased 80% of Zosi Co's P10 par common stock for P2,437,500. On this date, the carrying value of Zosi's net assets was P2,500,000. The fair value of Zosi's identifiable assets and liabilities approximates their book values except for plan assets (12 years original useful life), purchased Dec 31, 2018, which were P250,000 in excess of the carrying amount. For the year ended December 31, 2021, net income amounted to P475,000 and cash dividends paid was P250,000. In December 31, 2021 consolidated statement of financial position, non-controlling interest should be reported at:

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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