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On January 2, 2020, Popsters Corporation purchased 80% of SG Corporation's ordinary shares for P648,000. P30,000 of the excess is attributable to goodwill and the balance to an equipment with an economic life of ten years. Non-controlling interest is measured at its fair value on date of acquisition. On the date of acquisition, stockholders' equity of the two companies were as follows: Popsters 1,050,000 240,000 1,560,000 420,000 On December 31, 2020, Subsidiary reported net income of P105,000 and paid dividends of P36,000 to Parent. Parent reported earnings from its separate operations of P285,000 and paid dividends of P138,000. Goodwill had been impaired and should be reported at P6,000 on December 31, 2020. Share Capital Retained Earnings SG

On January 2, 2020, Popsters Corporation purchased 80% of SG Corporation's ordinary shares for P648,000. P30,000 of the excess is attributable to goodwill and the balance to an equipment with an economic life of ten years. Non-controlling interest is measured at its fair value on date of acquisition. On the date of acquisition, stockholders' equity of the two companies were as follows: Popsters 1,050,000 240,000 1,560,000 420,000 On December 31, 2020, Subsidiary reported net income of P105,000 and paid dividends of P36,000 to Parent. Parent reported earnings from its separate operations of P285,000 and paid dividends of P138,000. Goodwill had been impaired and should be reported at P6,000 on December 31, 2020. Share Capital Retained Earnings SG

FINANCIAL ACCOUNTING
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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On January 2, 2020, Popsters Corporation purchased 80% of SG Corporation's ordinary shares for P648,000. P30,000 of the excess is attributable to goodwill and the balance to an equipment with an economic life of ten years. Non-controlling interest is measured at its fair value on date of acquisition. On the date of acquisition, stockholders' equity of the two companies were as follows: Popsters 1,050,000 1,560,000 On December 31, 2020, Subsidiary reported net income of P105,000 and paid dividends of P36,000 to Parent. Parent reported earnings from its separate operations of P285,000 and paid dividends of P138,000. Goodwill had SG 240,000 420,000 Share Capital Retained Earnings been impaired and should be reported at P6.000 on December 31, 2020.
Transcribed Image Text:On January 2, 2020, Popsters Corporation purchased 80% of SG Corporation's ordinary shares for P648,000. P30,000 of the excess is attributable to goodwill and the balance to an equipment with an economic life of ten years. Non-controlling interest is measured at its fair value on date of acquisition. On the date of acquisition, stockholders' equity of the two companies were as follows: Popsters 1,050,000 1,560,000 On December 31, 2020, Subsidiary reported net income of P105,000 and paid dividends of P36,000 to Parent. Parent reported earnings from its separate operations of P285,000 and paid dividends of P138,000. Goodwill had SG 240,000 420,000 Share Capital Retained Earnings been impaired and should be reported at P6.000 on December 31, 2020.
what amount of non-controlling interest is presented in the consolidated statement of financial position on December 31, 2020? *
Transcribed Image Text:what amount of non-controlling interest is presented in the consolidated statement of financial position on December 31, 2020? *
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