PP-SS PP Corp. Acquires 8,000 shares of SS Corp. For P800,000 cash on December 1, 2021. The fair value of the non-controlling interest is assessed at P200,000. Just prior to acquisition, PP Corp and Subsidiary Corp. has the thefollowing information:PP Corp.SS Corp (Book Value)Cash900,00020,000InventoryEquipmentGoodwill500,000280,000600,000400,000100,000Liabilities400,000250,000Ordinary share, P5 par800,00050,000Share Premium500,000130,000Retained Earnings300,000370,000The inventories of SS Corp. and PP Corp. has a fair value of P400,000 and P550,000 , respectively. The Equipmentof SS Corp. Is understated by P100,000. Compute the Consolidated Equity.

On 01.12.2021, PP Corp. acquired shares of SS Corp. = 8000 Purchase consideration for cash = P800000…

PP Corp. Acquires 8,000 shares of SS Corp. For P800,000 cash on December 1, 2021. The fair value of the non- controlling interest is assessed at P200,000. Just prior to acquisition, PP Corp and Subsidiary Corp. has the the following information: SS Corp (Book Value) 20,000 280,000 PP Corp. 900,000 Cash Inventory 500,000 Equipment Goodwill 600,000 400,000 100,000 Liabilities 400,000 250,000 Ordinary share, P5 par 800,000 50,000 Share Premium 500,000 300,000 130,000 Retained Earnings 370,000 The inventories of SS Corp. and PP Corp. has a fair value of P400,000 and P550,000 , respectively. The Equipmen of SS Corp. Is understated by P100,000. Compute the Consolidated Equity.

PP Corp. Acquires 8,000 shares of SS Corp. For P800,000 cash on December 1, 2021. The fair value of the non- controlling interest is assessed at P200,000. Just prior to acquisition, PP Corp and Subsidiary Corp. has the the following information: SS Corp (Book Value) 20,000 280,000 PP Corp. 900,000 Cash Inventory 500,000 Equipment Goodwill 600,000 400,000 100,000 Liabilities 400,000 250,000 Ordinary share, P5 par 800,000 50,000 Share Premium 500,000 300,000 130,000 Retained Earnings 370,000 The inventories of SS Corp. and PP Corp. has a fair value of P400,000 and P550,000 , respectively. The Equipmen of SS Corp. Is understated by P100,000. Compute the Consolidated Equity.

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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