On January 1, BB Acquired 60 percent of the outstanding voting stock of SS for P260,000 cash consideration. The remaining 40 percent of SS had an acquisition date fair value of P65,000. On January 1, SS possessed equipment (5-year life) that was undervalued on its books P25,000. SS also had developed several secret formulas that BB assessed at P50,000. Theses formulas, although not recorded on SS's financial records, were estimated to have a 20-year future life. BB also determined that the inventory of SS is overvalued by P10,000. 80% of these inventories remain unsold by the end of the year. As of December 31, the financial statements appeared as follows: 1) From the data below, determine the net income/(net loss) attributable to the non-controlling interest. 2) From the data below, determine the consolidated assets as of December 31 and the consolidated expenses to be reported for the year. 3) From the data below, determine the net income/(net loss) attributable to the parent.
On January 1, BB Acquired 60 percent of the outstanding voting stock of SS for P260,000 cash consideration. The remaining 40 percent of SS had an acquisition date fair value of P65,000. On January 1, SS possessed equipment (5-year life) that was undervalued on its books P25,000. SS also had developed several secret formulas that BB assessed at P50,000. Theses formulas, although not recorded on SS's financial records, were estimated to have a 20-year future life. BB also determined that the inventory of SS is overvalued by P10,000. 80% of these inventories remain unsold by the end of the year. As of December 31, the financial statements appeared as follows:
1) From the data below, determine the net income/(net loss) attributable to the non-controlling interest.
2) From the data below, determine the consolidated assets as of December 31 and the consolidated expenses to be reported for the year.
3) From the data below, determine the net income/(net loss) attributable to the parent.
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