Problem 1. Humility Company bought 25% of Meekness Company's outstanding ordinary share on January 1, 2023, for P7,000,000. The carrying amount of Meekness' net assets at the purchase date totaled P24,000,000. Fair values and carrying amounts were the same for all items except for land and equipment for which fair values exceeded their carrying amounts by P4,500,000 and P1,500,000, respectively. The equipment has a ten-year life. Meekness reported its annual net income of P15,000,000 and declared and paid cash dividend of P8,000,000 cash dividend in 2023. 1,212,500 1. How much is the investment income? 9.212,500 2. How much is the carrying amount of the investment in associate on December 31, 2023?

Problem 1. Humility Company bought 25% of Meekness Company's outstanding ordinary share on January 1, 2023, for P7,000,000. The carrying amount of Meekness' net assets at the purchase date totaled P24,000,000. Fair values and carrying amounts were the same for all items except for land and equipment for which fair values exceeded their carrying amounts by P4,500,000 and P1,500,000, respectively. The equipment has a ten-year life. Meekness reported its annual net income of P15,000,000 and declared and paid cash dividend of P8,000,000 cash dividend in 2023. 1,212,500 1. How much is the investment income? 9.212,500 2. How much is the carrying amount of the investment in associate on December 31, 2023?

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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