.36 On July 01, 2021, Parent, Inc. acquired most of the outstanding common stock of Subsidiary Companyfor cash. The incomplete working paper elimination entries on that date for the consolidated statementof financial position of Parent, Inc. and its subsidiary are shown below:Stockholder's Equity SubsidiaryP2,437,500Investment in Subsidiary1,584,375853,125Non - Controlling InterestInventory62,500Equipment312,500Patent61,250Goodwill?Investment in Subsidiary468,750Non Controlling InterestIncluded in the purchase price is a control premium of P68,750. The amount of goodwill to be reportedin the consolidated statement of financial position on July 01, 2021, assuming non-controlling interestis measured at fair value.

Goodwill is an intangible asset for a company. It can either be build overtime or can be purchased…

On July 01, 2021, Parent, Inc. acquired most of the outstanding common stock of Subsidiary Company for cash. The incomplete working paper elimination entries on that date for the consolidated statement of financial position of Parent, Inc. and its subsidiary are shown below: Stockholder's Equity Subsidiary P2,437,500 1,584,375 Investment in Subsidiary 853,125 Non - Controlling Interest Inventory 62,500 Equipment 312,500 Patent 61,250 Goodwill Investment in Subsidiary 468,750 Non Controlling Interest ncluded in the purchase price is a control premium of P68,750. The amount of goodwill to be reported n the consolidated statement of financial position on July 01, 2021, assuming non-controlling interest s measured at fair value.

On July 01, 2021, Parent, Inc. acquired most of the outstanding common stock of Subsidiary Company for cash. The incomplete working paper elimination entries on that date for the consolidated statement of financial position of Parent, Inc. and its subsidiary are shown below: Stockholder's Equity Subsidiary P2,437,500 1,584,375 Investment in Subsidiary 853,125 Non - Controlling Interest Inventory 62,500 Equipment 312,500 Patent 61,250 Goodwill Investment in Subsidiary 468,750 Non Controlling Interest ncluded in the purchase price is a control premium of P68,750. The amount of goodwill to be reported n the consolidated statement of financial position on July 01, 2021, assuming non-controlling interest s measured at fair value.

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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