On January 3, 2022, P Company acquired 70% interest in S Company for P4,200,000. Consideration includes issuance of shares with fair value of P3,500,000 and cash for the balance. On this date, the equity of P and S Company are as follows: P Company S Company Ordinary Share Capital 3,300,000 1,450,000
On January 3, 2022, P Company acquired 70% interest in S Company for P4,200,000. Consideration includes issuance of shares with fair value of P3,500,000 and cash for the balance. On this date, the equity of P and S Company are as follows:
|
|
P Company |
S Company |
|
Ordinary Share Capital |
3,300,000 |
1,450,000 |
|
|
5,450,000 |
2,800,000 |
Non-controlling interest is initially measured at fair value of P1,675,000. Fair value of the following assets of S Company exceeded their book values: Inventories, P150,000; Fixed assets (remaining life – 5 years), P600,000. All other assets and liabilities are fairly valued. Towards the end of the year, P sold to S merchandise costing P150,000 at 40% gross profit, 25% of these inventories was unsold as of
- The consolidated net income at the Dec 31, 2022 FS amounted to:
- How much is the NCI balance as of December 31, 2022, Consolidated FS?
- How much is the consolidated Equity as of 12/31/2022?
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