On January 1,2016 statement of financial position ABC Corporation at book and market values were as follows: Current asset Property and Equipment Current liabilities Long term liabilities Common stock |Additional paid in capital Retained earnings Book value 1,200,000 1, 350,000 450,000 750,000 150,000 300,000 900,000 Fair value 1,125,000 1,500,000 450,000 690,000 Wall Corporation paid 1,425,000 in cash for 80% of ABC corporation's Common stock. 13. If the fair value of Non-controlling interest is assessed to be P345,000, how much is the goodwill? a. 237,000 b. 285,000 c. 297,000 d. 420,000 e. 0 14. How much goodwill attributable to parent? a. 48,000 b. 237,000 c. 285,000 d. 420,000 e. 0 15. If non-controlling interest is based on proportionate share in fair value of net asset of ABC Corporation, how much goodwill attributable to Subsidiary? a. 48,000 b. 285,000 c. 59,250 d. 0

On January 1,2016 statement of financial position ABC Corporation at book and market values were as follows: Current asset Property and Equipment Current liabilities Long term liabilities Common stock |Additional paid in capital Retained earnings Book value 1,200,000 1, 350,000 450,000 750,000 150,000 300,000 900,000 Fair value 1,125,000 1,500,000 450,000 690,000 Wall Corporation paid 1,425,000 in cash for 80% of ABC corporation's Common stock. 13. If the fair value of Non-controlling interest is assessed to be P345,000, how much is the goodwill? a. 237,000 b. 285,000 c. 297,000 d. 420,000 e. 0 14. How much goodwill attributable to parent? a. 48,000 b. 237,000 c. 285,000 d. 420,000 e. 0 15. If non-controlling interest is based on proportionate share in fair value of net asset of ABC Corporation, how much goodwill attributable to Subsidiary? a. 48,000 b. 285,000 c. 59,250 d. 0

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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Question

On January 1,2016 statement of financial position ABC Corporation at book and market values were as
follows:
Fair value
1,125,000
1,500,000
450,000
690,000
Book value
Current asset
Property and Equipment
Current liabilities
Long term liabilities
Common stock
Additional paid in capital
Retained earnings
1,200,000
1, 350,000
450,000
750,000
150,000
300,000
900,000
Wall Corporation paid 1,425,000 in cash for 80% of ABC corporation's Common stock.
13. If the fair value of Non-controlling interest is assessed to be P345,000, how much is the goodwill?
a. 237,000
b. 285,000
c. 297,000
d. 420,000
е. 0
14. How much goodwill attributable to parent?
а. 48,000
b. 237,000
c. 285,000
d. 420,000
е. 0
15. If non-controlling interest is based on proportionate share in fair value of net asset of ABC Corporation,
how much goodwill attributable to Subsidiary?
a. 48,000
b. 285,000
с. 59,250
d. 0

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