On January 2, 2021. Z corporation acquired 75% of the outstanding ordinary shares of Y Company for P513,000 cash, excluding direct acquisition costs. The investment was accounted for by the cost method. On January 2, 2021, Y’s identifiable net assets (book value and fair value) were P570,000. Y’s net income for the year ended December 31, 2021 was P304,000. During 2021, Z received P21,600 cash dividends from Y. There were no other inter-company transactions. The balance of the Non-controlling interest in Net assets of subsidiary account on December 31, 2021 is

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A: Goodwill is 'an asset representing the future economic benefits arising from other assets acquired…

Q: On January 1, 2027, Kasson Company acquired 40% of IJK Company's common stock for $183,000. Kasson…

A: IJK, is a public company which has its share available for retail investing. Therefore Kasson…

Q: Shortly after the above information was complied, a fire destroyed the accounting records. You have…

A:

Q: The fair value of net assets is:

A: Given information is: Fair values: Cash = OMR 80,000 Receivables (Net) = OMR 90,000 Liabilities =…

Q: On January 1, 2021, ABC purchased 90% of the outstanding shares of JKL Company at a cost of…

A: The consolidated income is determined by combining the incomes of both parent and subsidiary’s…

Q: On January 1, 2022, Lucas Company acquired 85% of outstanding shares of Luna Corp. The consideration…

A: A consolidated balance sheet is a single balance sheet that provide the financial position of the…

Q: On January 01, 2021, Batman Corp. acquired 75% of the outstanding stock of Superman Co. for…

A: It refers to a situation where the carrying value of an asset exceeds its recoverable amount.…

Q: Compute the Consolidated Total Liabilities on January 1, 2020.

A: Liabilities can be defined as the outflow of economic benefit from the business entity, which arises…

Q: On January 1, 2021, Parent Co. acquired 80% of Subsidiary Inc.’s outstanding stocks for P1,600,000…

A: A consolidated balance sheet is a financial statement that reflects the financial status of a parent…

Q: P Co. acquired 80% of the 300,000 $1 equity shares of S Co. on 1 April 2021 when the retained…

A: A business combination is a deal or circumstance when one company (the acquirer) takes over control…

Q: STI Co. acquired 55% of the outstanding shares of UE Inc on August 1, 2021 at a total cost of…

A: Non Controlling Interest For the calculation of non controlling interest the minority interest which…

Q: On January 1, 2021, Parent Co. acquired 80% of Subsidiary Inc.'s outstanding stocks for P1,600,000…

A: Assets balance of Parent company = xxx Add: Goodwill                                      =   xx…

Q: On July 1, 2019, Killearn Company acquired 124,000 of the outstanding shares of Shaun Company for…

A:

Q: Twilight Co. paid $2,800,000 to acquire all of the common stock of Aurna Corp. on January 1, 2022.…

A: In the preparation of consolidated financial statements, all inter-company (within the group)…

Q: Matrix, Inc., acquired 25% of Neo Enterprises for $2,000,000 on January 1, 2021. The fair value and…

A: Journal entries should not be utilized to record regular transactions such as customer billings and…

Q: On January 2, 2021, E Company acquired 20% of the outstanding ordinary shares of T Company for…

A: Dividend  A dividend is a payment made by a corporation to its shareholders that is decided by the…

Q: egistering and iss

A: It is given that the balance sheet information of January 2, 2021 PAMIGAY CORP.

Q: Denber Co. acquired 60% of the common stock of Kailey Corp. on September 30, 2019. For 2019, Kailey…

A: The acquisition means that the the company acquires the other company by acquiring more than 50%…

Q: On January 1, 2021, ABC purchased 90% of the outstanding shares of JKL Company at a cost of…

A: On January 1, 2021, ABC purchased 90% of the outstanding shares of JKL Company at a cost of…

Q: Apples Corporation bought 2,000 shares of Oranges Corporation on January 2, 2020 at ₱150 per share…

A: Value of Shares=Number of Shares×Per share=2,000×₱150=₱300,000

Q: On January 2, 2020, Megan, INC. acquired a 15% interest in Kiyosaki Corp. by paying P8, 000, 000 for…

A: Answer are as follows:

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.