On January 1, 20x1, Pinup Corp. acquired 34,560 outstanding ordinary shares of Slug Corp. for a cash consideration of P5,158,400. The shareholders’ equity of Slug Corp. on the date of business combination is presented below: Ordinary shares P100 par value 5,760,000 Share premium 1,600,000 Retained Earnings 960,000 Pinup Corp agreed to issue additional 1,000 shares to former owners of Slug Corp if the market price per share of Pinup Corp shares increase to P120 per share. On the acquisition date, the contingent consideration was estimated at P80,000. What is the amount of non-controlling interest if it is measured at its proportionate share in the identifiable net assets of Slug Corp.?
On January 1, 20x1, Pinup Corp. acquired 34,560 outstanding ordinary shares of Slug Corp. for a cash consideration of P5,158,400. The shareholders’ equity of Slug Corp. on the date of business combination is presented below:
|
Ordinary shares P100 par value |
5,760,000 |
|
Share premium |
1,600,000 |
|
|
960,000 |
Pinup Corp agreed to issue additional 1,000 shares to former owners of Slug Corp if the market price per share of Pinup Corp shares increase to P120 per share. On the acquisition date, the contingent consideration was estimated at P80,000.
What is the amount of non-controlling interest if it is measured at its proportionate share in the identifiable net assets of Slug Corp.?
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