4. What amount of total Accumulated Profits will be reported in the Consolidated Statement of financial position on Mar. 31, 2019?5. What amount of non-controlling interest will be reported in the Consolidated Statement of financial position on Mar. 31, 2019 under full/partial goodwill method? Plex corporation acquired 80% of Slex on Mar. 31,2019 for P260,000.Immediately after the business combination, the separate satements offinancial position for Plex and Slex are as follows:wwwwPlex corpP70,000100,000500,000260,000P930,000Slex corpCash and ReceivablesInventoryPlant assets (net)Investment in SlexP90,00060,000250,000Total AssetsP400,000P60,00090,000100,000150,000P400,000on that date, SLex's plant assets had fair value of P50,000 more than theCurrent LiabilitiesLont term debtOrdinary Share capitalAccumulated profitsP180,000200,000300,000250,000P930,000L& SHEbook value. All other book values approximated fair value.

Given, On 31.03.2019, Plex corporation acquired 80% of Slex corporation Cost of acquisition =…

Rlex corporation acquired 80% of Slex on Mar. 31,2019 for P260,000. Immediately after the business combination, the separate satements of financial position for Plex and Slex are as follows: mww Plex corp P70,000 100,000 500,000 260,000 P930,000 Slex corp Cash and Receivables Inventory Plant assets (net) Investment in Slex Total Assets P90,000 60,000 250,000 P400,000 P60,000 90,000 100,000 150,000 P400,000 on that date, SLex's plant assets had fair value of P50,000 more than the Current Liabilities Lont term debt Ordinary Share capital Accumulated profits P180,000 200,000 300,000 250,000 P930,000 L & SHE book value. All other book values approximated fair value.

Rlex corporation acquired 80% of Slex on Mar. 31,2019 for P260,000. Immediately after the business combination, the separate satements of financial position for Plex and Slex are as follows: mww Plex corp P70,000 100,000 500,000 260,000 P930,000 Slex corp Cash and Receivables Inventory Plant assets (net) Investment in Slex Total Assets P90,000 60,000 250,000 P400,000 P60,000 90,000 100,000 150,000 P400,000 on that date, SLex's plant assets had fair value of P50,000 more than the Current Liabilities Lont term debt Ordinary Share capital Accumulated profits P180,000 200,000 300,000 250,000 P930,000 L & SHE book value. All other book values approximated fair value.

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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Question

4. What amount of total Accumulated Profits will be reported in the Consolidated Statement of financial position on Mar. 31, 2019?

5. What amount of non-controlling interest will be reported in the Consolidated Statement of financial position on Mar. 31, 2019 under full/partial goodwill method?

Plex corporation acquired 80% of Slex on Mar. 31,2019 for P260,000.
Immediately after the business combination, the separate satements of
financial position for Plex and Slex are as follows:
wwww
Plex corp
P70,000
100,000
500,000
260,000
P930,000
Slex corp
Cash and Receivables
Inventory
Plant assets (net)
Investment in Slex
P90,000
60,000
250,000
Total Assets
P400,000
P60,000
90,000
100,000
150,000
P400,000
on that date, SLex's plant assets had fair value of P50,000 more than the
Current Liabilities
Lont term debt
Ordinary Share capital
Accumulated profits
P180,000
200,000
300,000
250,000
P930,000
L& SHE
book value. All other book values approximated fair value.

Definition Definition Intangible asset that includes proprietary or intellectual property and brand value of a firm. Goodwill is recorded in the books when a firm purchases another firm and the purchase price is more than the fair value of net identifiable assets of the acquired business. The amount of goodwill is recorded on the asset side of the balance sheet (statement of financial position).

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