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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