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:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F82a6ea62-62a1-4d74-81d6-40f717f2f650%2F0a135f5d-3c26-4c45-a665-552a9397ee25%2F7ghiftf_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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:
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education