Please answer the 3 questions in the picture. Arigato Separate Statement of Financial Position for P Corporation and SCorporation at December 31, 2021 are as follows:Р СогрP 50,000150,000i 300,000S CorpP 20,00080,000CashOther current assets002LandBuildings and equipmentLess: Accumulated depreciationTotal Assets50,000200,000(50,000)P 300,000P 50,000100,00075,00075,000P 300,000600,000Current liabilitiesOrdinary share capital, P10 parShare premiumRetained earningsTotal Equities(200,000)P 900,000P 100,000600,00060,000140,000P 900,000P issued 10,000 shares of its own ordinary shares with a market value ofP300,000 on January 2, 2022 in exchange for 80% of S's outstandingshares. All of S's assets and liabilities were recorded at their fair valuesexcept for buildings and equipment that had a fair value of P170,000 andremaining useful life of 5 years. P Corporation measure the non-controlling interest at its fair market value.Required1. How much Goodwill should appear in the consolidated balancesheet prepared immediately after the business combination?2. At what amount would Building and Equipment, net ofaccumulated depreciation, should appear in P's consolidatedbalance sheet prepared on January 2, 2022, immediately after thebusiness combination?3. How much is the consolidated equity as of date of acquisition?

Answered: Image /qna-images/answer/221e0711-b661-4776-81f0-57b709c44002.jpg

parate rporation at December 31, 2021 are as follows: f Financia Position for P Corporation and S ash ther current assets and uildings and equipment ess: Accumulated depreciation P Corp P 50,000 150,000 300,000 S Corp P 20,000 80,000 50,000 200,000 0,00 600,000 (200,000) P 900,000 (50,000) P 300,000 P 50,000 100,000 75,000 75,000 P 300,000 Total Assets urrent liabilities dinary share capital, P10 par are premium etained earnings Total Equities P 100,000 600,000 60,000 140,000 P 900,000 sued 10,000 shares of its own ordinary shares with a market value of 0,000 on January 2, 2022 in exchange for 80% of S's outstanding res. All of S's assets and liabilities were recorded at their fair values ept for buildings and equipment that had a fair value of P170,000 and aining useful life of 5 years. P Corporation measure the non- trolling interest at its fair market value. cired 1. How much Goodwill should appear in the consolidated balance sheet prepared immediately after the business combination?

parate rporation at December 31, 2021 are as follows: f Financia Position for P Corporation and S ash ther current assets and uildings and equipment ess: Accumulated depreciation P Corp P 50,000 150,000 300,000 S Corp P 20,000 80,000 50,000 200,000 0,00 600,000 (200,000) P 900,000 (50,000) P 300,000 P 50,000 100,000 75,000 75,000 P 300,000 Total Assets urrent liabilities dinary share capital, P10 par are premium etained earnings Total Equities P 100,000 600,000 60,000 140,000 P 900,000 sued 10,000 shares of its own ordinary shares with a market value of 0,000 on January 2, 2022 in exchange for 80% of S's outstanding res. All of S's assets and liabilities were recorded at their fair values ept for buildings and equipment that had a fair value of P170,000 and aining useful life of 5 years. P Corporation measure the non- trolling interest at its fair market value. cired 1. How much Goodwill should appear in the consolidated balance sheet prepared immediately after the business combination?

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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