On June 30, 2021, ABC Co. acquired 75,000 of DEF Co.'s 100,000 outstanding shares with par value per share of P1 for P4 per share. At this time, Nymph's shares have a quoted price of P3.50 per share and Nymph's retained earnings is P80,000. Additional information: • Nymph's total assets include land classified as investment property at a cost of P180,000. The land's fair values are P200,000 on acquisition date and P320,000 on June 30, 2023. DEF uses the cost model for its investment properties. However, the group uses the fair value model. On acquisition date, Nymph's building classified as property, plant, and equipment had a fair value of P30,000 in excess of its carrying amount. The building's remaining useful life is 5 years. The group uses the straight-line method of depreciation. The current accounts on June 30, 2023 include intercompany receivables and payables of P10,000. An impairment test on June 30, 2023 concluded that goodwill is impaired by P20,000. NCl is measured at fair value. There are no subsequent changes in Nymph's outstanding shares. The June 30, 2023 individual financial statements of the entities show the following information: АВС Со. 1,000,000 DEF Co. Total assets 500,000 Total liabilities 200,000 120,000 Share capital Retained earnings Total liabilities and equity 300,000 500,000 100,000 280,000 1,000,000 500,000
On June 30, 2021, ABC Co. acquired 75,000 of DEF Co.'s 100,000 outstanding shares with par value per share of P1 for P4 per share. At this time, Nymph's shares have a quoted price of P3.50 per share and Nymph's retained earnings is P80,000. Additional information: • Nymph's total assets include land classified as investment property at a cost of P180,000. The land's fair values are P200,000 on acquisition date and P320,000 on June 30, 2023. DEF uses the cost model for its investment properties. However, the group uses the fair value model. On acquisition date, Nymph's building classified as property, plant, and equipment had a fair value of P30,000 in excess of its carrying amount. The building's remaining useful life is 5 years. The group uses the straight-line method of depreciation. The current accounts on June 30, 2023 include intercompany receivables and payables of P10,000. An impairment test on June 30, 2023 concluded that goodwill is impaired by P20,000. NCl is measured at fair value. There are no subsequent changes in Nymph's outstanding shares. The June 30, 2023 individual financial statements of the entities show the following information: АВС Со. 1,000,000 DEF Co. Total assets 500,000 Total liabilities 200,000 120,000 Share capital Retained earnings Total liabilities and equity 300,000 500,000 100,000 280,000 1,000,000 500,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
COMPUTE FOR THE NCI ON JUNE 30,2023
Transcribed Image Text:On June 30, 2021, ABC Co. acquired 75,000 of DEF Co.'s 100,000 outstanding shares with par value per share of P1 for P4 per share.
At this time, Nymph's shares have a quoted price of P3.50 per share and Nymph's retained earnings is P80,000.
Additional information:
• Nymph's total assets include land classified as investment property at a cost of P180,000. The land's fair values are P200,000 on
acquisition date and P320,000 on June 30, 2023. DEF uses the cost model for its investment properties. However, the group uses
the fair value model.
On acquisition date, Nymph's building classified as property, plant, and equipment had a fair value of P30,000 in excess of its
carrying amount. The building's remaining useful life is 5 years. The group uses the straight-line method of depreciation.
• The current accounts on June 30, 2023 include intercompany receivables and payables of P10,000.
• An impairment test on June 30, 2023 concluded that goodwill is impaired by P20,000.
• NCl is measured at fair value.
• There are no subsequent changes in Nymph's outstanding shares.
The June 30, 2023 individual financial statements of the entities show the following information:
АВС Со.
1,000,000
DEF Co.
Total assets
500,000
Total liabilities
200,000
120,000
Share capital
Retained earnings
Total liabilities and equity
300,000
500,000
1,000,000
100,000
280,000
500,000
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