On January 1, 2021, Parent Co. acquired 80% of Subsidiary In's outstanding stocks for P1,600,000 cash. Subsidiary Inc's balance sheet shows P3,000,000 identifiable assets and P1,800,000 liabilities. All assets and liabilities of Setter are fairly valued, except for an undervalued equipment. The stock acquisition resulted to a goodwill of P700,000. Assume Parent had P5,100,000 total assets prior to the said transaction. NCI is measured at fair value. How much is the total assets in the consolidated balance sheet after the stock acquisition?

Q: On January 2, 2021, Power Company acquired 90% of the outstanding shares of Solar Inc. at book…

A: A corporation that holds a controlling interest in one or more other firms is referred to as a…

Q: On March 31, 2024, Wolfson Corporation acquired all of the outstanding common stock of Barney…

A: ANSWER THE PURCHASE PRICE PAID BY THE COMPANY FOR ACQUISITION OF ANOTHER COMPANY IS MORE THAN THE…

Q: On 1 January 2020, Petre Ltd acquired a 60% interest in the issued share capital of Sanford Ltd, for…

A: Consolidated Financial Statements is financial Statements of group shown as of single enterprise by…

Q: 30. On January 1 2021 parent co. acquired 80% of subsidiary inc.’s outstanding stocks for 1,600,000…

A: In case of business combination we can measure the goodwill or bargain purchase using the below…

Q: On January 1, 2024, Windsor Company purchased 8,896 shares of Sheridan Company's common stock for…

A: Consolidation is an activity in which financial statements of a parent and its subsidiary should be…

Q: On January 1, 2027, Kasson Company acquired 40% of IJK Company's common stock for $183,000. Kasson…

A: IJK, is a public company which has its share available for retail investing. Therefore Kasson…

Q: Shortly after the above information was complied, a fire destroyed the accounting records. You have…

A:

Q: a. Stayer's building (net of accumulated depreciation). b. Stayer's technology processes (net of…

A: When companies create statements they merge the financial data, from the main company and its…

Q: Stellar Co. acquired 25% of the 500,000 shares of outstanding common stock of Overload Inc. on…

A: Securities available for sale are those debt or equity securities investments made by the company…

Q: On January 1, 2XX0, Waterfall Inc. acquired a 10% interest in Junior Corp. On January 1, 2XX1,…

A: Investment in associates refers to the type of investment that the firm makes in another company…

Q: a. Prepare a schedule calculating the goodwill to be recognized for this acquisition. Acquisition…

A: Goodwill is the excess amount paid over the fair value (FV) of the net assets of the entity. It is…

Q: On October 6, 2021, Dark Company acquired 70% of the common stock of Knight Company. The separate…

A: Consolidated financial statements are the financial statements of the group which includes the…

Q: Chel Company acquired 70% of the outstanding stock of Leila Co. on January 1, 2022. The consolidated…

A: Consolidated balance sheet: The consolidated balance sheet is the combined assets and liabilities…

Q: On January 1, 2020, Pail Corporation acquired 75 percent of Sand Company's common stock for $525,000…

A: As per IFRS a company has to prepare consolidated income statement and balance sheet incorporating…

Q: On January 1, 2021, Parent Co. acquired 80% of Subsidiary Inc.’s outstanding stocks for P1,600,000…

A: A consolidated balance sheet is a financial statement that reflects the financial status of a parent…

Q: January 1, 2017, ITC Co. acquired 80% of ESP Inc.'s outstanding stocks for P1,600,000 cash. ESP…

A: Goodwill  = purchase consideration  paid + NCI at fair value - Net assets

Q: 2, Apple Company acquired 85% of outstanding shares of Samsung Corp. The consideration transferred…

A: Consolidation - The practice of combining the financial reports of the parent business with those of…

Q: On January 1, 2023, Procise Corporation acquired 100 percent of the outstanding voting stock of…

A: Consolidation is an activity in which financial statements of a parent and its subsidiary should be…

Q: P Co. acquired 80% of the 300,000 $1 equity shares of S Co. on 1 April 2021 when the retained…

A: A business combination is a deal or circumstance when one company (the acquirer) takes over control…

Q: Cash $ 24,800 Accounts payable $ 1,891,800 Accounts receivable   102,000       Inventory   223,000…

A: Book value refers to the value which is attained by computing the difference between the total…

Q: On January 1, 2018, Potter Corporation purchased 80% of Draco Company’s outstanding shares for…

A: The question is multiple choice question Required  Choose the Correct Option.

Q: On January 1, 2021, Parent Co. acquired 80% of Subsidiary Inc's outstanding stocks for P1,600,000…

A: Total Assets = Parents asset after consolidation + Fair value of identifiable assets acquired +…

Q: Prepare a consolidated balance sheet workpaper as of January 1, 2024.

A: The consolation is the accounting process in which the financial results of the parent company and…

Q: Calculate the amount of goodwill recognized, if any, on July 31, 2020, Goodwill

A: On July 31, 2020 Swifty company acquired all the shares of Blue Spruce Incorporated for $ 35,40,000.…

Q: On January 1, 2021, Parent Co. acquired 80% of Subsidiary Inc.'s outstanding stocks for P1,600,000…

A: Assets balance of Parent company = xxx Add: Goodwill                                      =   xx…

Q: Polaris Company acquires all of the stock of SSC, Inc. for $100 million in cash. At the date of…

A: Goodwill is the excess amount paid over the fair value (FV) of the net assets of the entity. It is…

Q: 20. Goodwill (income) to be recorded by West Corp. 21. Total assets on the consolidated balance…

A: As per our protocol we provide solution to the one question only and you have asked multiple…

Q: North Land Company acquired 30,000 shares of the ordinary share of Shaver Corp. in July 2021. This…

A: As per the business combination standard in IFRS, the dividend income of the company that has…

Q: During 2019, Subsidiary company, Sim had reported a net income $ 41,600 and declared dividends $…

A: Consolidated financial statements are the financial statements of a group consisting of multiple…

Q: On January 1, 2021, PCO purchased 70% ownership of SCO which resulted to a gain on acquisition of…

A: Cost of goods sold=Beginning inventory+Net purchases-Ending inventory

Q: Prepare a schedule to compute the difference between book value of equity and the value implied by…

A: Parent company - The parent company is an entity that owns or controls another entity, known as a…

Q: n August 31, 2020, Southampton Co. acquired all of the common stock of Brighton Company, which…

A: Impairment Loss- An impairment loss is defined as a decline in an asset's carrying value caused by a…

Q: LGM Motors acquired 80% of NS Service Center outstanding shares on January 1, 2022 by paying cash.…

A: Introduction A business's assets are things it has that will be useful to it in the future. Items…

Q: Gr Current assets Property, plant & equipment, net Identifiable intangible assets Current…

A:

Q: Top Corporation acquired 100% of Sun Corporation's common stock on December 31,2019. Balance sheet…

A: Under consolidated financial statements, the income statement, balance sheet, and cash flow…

Q: 25. How much should be the underlying equity of Honda in the net assets of Hyundai?

A: Equity is the amount of money which represents to the shareholders and in the business acquisition…

Q: 2019 $ 1,064,0 ( 714,00 ( 126,00 ( 42,00

A: Dean Inc.…

Q: On January 1, 2021, PCO purchased 70% ownership of SCO which resulted to a gain on acquisition of…

A: Cost of goods sold=Beginning inventory+Net Purchases-Ending inventory

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.