On January 1, 2023, Hi-Supreme Company acquired 40% of the ordinary shares of an associate for P15,800,000. All the identifiable assets and liabilities of the associate were recorded at fair value. The analysis of the acquisition showed that goodwill of P2,500,000 was acquired. The net income and dividend of the associate were as follows: 2023 2024 Cash dividend paid 12,000,000 16,200,000 Net income 20,500,000 27,800,000 In December 2023, the associate sold inventory to Hi-Supreme Company for P2,500,000. The cost of the inventory was P1,800,000. The inventory remained unsold by Hi-Supreme Company on December 31, 2023. However, it was sold by Hi-Supreme Company in 2024. In December 2024, the associate sold inventory to Hi- Supreme Company for P3,200,000. The cost of the inventory was P2,900,000. This inventory remained unsold by Hi-Supreme Company on December 31, 2024. 3. How much is the investor's share in profit of the associate for 2023? 7,970,000 4. How much is the carrying amount of the investment in associate on December 31, 2023? 18,92M 5. How much is the carrying amount of investment in associate on December 21 20212. 7200

On January 1, 2023, Hi-Supreme Company acquired 40% of the ordinary shares of an associate for P15,800,000. All the identifiable assets and liabilities of the associate were recorded at fair value. The analysis of the acquisition showed that goodwill of P2,500,000 was acquired. The net income and dividend of the associate were as follows: 2023 2024 Cash dividend paid 12,000,000 16,200,000 Net income 20,500,000 27,800,000 In December 2023, the associate sold inventory to Hi-Supreme Company for P2,500,000. The cost of the inventory was P1,800,000. The inventory remained unsold by Hi-Supreme Company on December 31, 2023. However, it was sold by Hi-Supreme Company in 2024. In December 2024, the associate sold inventory to Hi- Supreme Company for P3,200,000. The cost of the inventory was P2,900,000. This inventory remained unsold by Hi-Supreme Company on December 31, 2024. 3. How much is the investor's share in profit of the associate for 2023? 7,970,000 4. How much is the carrying amount of the investment in associate on December 31, 2023? 18,92M 5. How much is the carrying amount of investment in associate on December 21 20212. 7200

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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