2 and 3 pls In January 2, 2019, Palawan Company purchased 80% of the outstanding stock of SamarCompany for P 5,600,000. Palawan opted to measure NCI proportionate to their shareon the identifiable net assets. At that date, the stockholder's equity of Palawan Company2.and Samar Company is composed of the following:Palawan CompanyP 20,000,000Samar CompanyP 4,600,0001,400,0001,480,000Ordinary SharesAPIC4,800,0006,000,000Retained EarmingsThe carry ing values of the assets and liabilities of Samar Company are equal to their fairvalues, except for the following:Equipment with a five years remaining life had a fair value which is lower thanthe carrying amount by P240,000.The fair value of Samar Company's loan payable is to be adjusted upward by P80,000.The Net income reported and dividends paid by Palawan and Samar for 2019 follows:PalawanSamarNet IncomeP 1,480,000P 360,000320,000Dividends1,000,000The total Stockholders Equity in the consolidated balance sheet on January 2,2019 is:P32,232,000b.a.P32,864,000P32,624,000d. P32,360,000с.Using the data above, the NCI on December 31,2019 is:P1,449,600b. P1,465,600P1,542,400d. P1,414,400a.deC.3.

Investment amount = P5,600,000 Add: Non Controlling Interest = P1432000 Less: Identifiable Net…

The total Stockholders Equity in the consolidated balance sheet on January 2,2019 is: P32,232,000 b. P32,864,000 c. P32,624,000 d. P32,360,000 a. Using the data above, the NCI on December 31,2019 is: a. P1,449,600 b. P1,465,600 c. P1,542,400 d. P1,414,400 000009

The total Stockholders Equity in the consolidated balance sheet on January 2,2019 is: P32,232,000 b. P32,864,000 c. P32,624,000 d. P32,360,000 a. Using the data above, the NCI on December 31,2019 is: a. P1,449,600 b. P1,465,600 c. P1,542,400 d. P1,414,400 000009

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

2 and 3 pls

In January 2, 2019, Palawan Company purchased 80% of the outstanding stock of Samar
Company for P 5,600,000. Palawan opted to measure NCI proportionate to their share
on the identifiable net assets. At that date, the stockholder's equity of Palawan Company
2.
and Samar Company is composed of the following:
Palawan Company
P 20,000,000
Samar Company
P 4,600,000
1,400,000
1,480,000
Ordinary Shares
APIC
4,800,000
6,000,000
Retained Earmings
The carry ing values of the assets and liabilities of Samar Company are equal to their fair
values, except for the following:
Equipment with a five years remaining life had a fair value which is lower than
the carrying amount by P240,000.
The fair value of Samar Company's loan payable is to be adjusted upward by P
80,000.
The Net income reported and dividends paid by Palawan and Samar for 2019 follows:
Palawan
Samar
Net Income
P 1,480,000
P 360,000
320,000
Dividends
1,000,000
The total Stockholders Equity in the consolidated balance sheet on January 2,2019 is:
P32,232,000
b.
a.
P32,864,000
P32,624,000
d. P32,360,000
с.
Using the data above, the NCI on December 31,2019 is:
P1,449,600
b. P1,465,600
P1,542,400
d. P1,414,400
a.
de
C.
3.

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Step 1 Calculation of Goodwill/Gain on Bargain Purchase on date of Acquisition:

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Step 2 Calculation of total Stockholders equity as on Jan2,2019:

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