On July 1, 2019, Parent Company acquired the net assets of Subsidiary Company for a consideration transferred of P32,000,000. At the acquisition date, the carrying amount of Subsidiary's net assets was P20,000,000 and a temporary appraisal of P28,000,000 was attributed to the net assets. At December 31, 2019, a provisional fair value of P26,000,000 was attributed to the net assets. An additional valuation received on March 31, 2020 increased this provisional fair value by P2,000,000 and on June 1, 2020 this fair value was finalized with a decreased by P4,000,000 from the last valuation date. What amount should the surviving company present for goodwill in its separate statement of financial position at December 31, 2020? * A

On July 1, 2019, Parent Company acquired the net assets of Subsidiary Company for a consideration transferred of P32,000,000. At the acquisition date, the carrying amount of Subsidiary's net assets was P20,000,000 and a temporary appraisal of P28,000,000 was attributed to the net assets. At December 31, 2019, a provisional fair value of P26,000,000 was attributed to the net assets. An additional valuation received on March 31, 2020 increased this provisional fair value by P2,000,000 and on June 1, 2020 this fair value was finalized with a decreased by P4,000,000 from the last valuation date. What amount should the surviving company present for goodwill in its separate statement of financial position at December 31, 2020? * A

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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