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Question - P acquired 60% of the shares in S on 1 January 2007 when the retained earnings of S stood at P6,000. The fair value of the non-controlling interest at the date of acquisition was P30,000.
On 31 December 2010, the Statements of Financial Position of each of the two companies were as follows:
P
S
Current assets
14,000
12,000
Non-current assets
50,000
30,000
Investment in S, at cost
40,000
TOTAL ASSETS
104,000
42,000
Current liabilities
10,000
6,000
Share capital - P1 shares
20,000
Retained earnings
44,000
16,000
TOTAL LIABILITIES AND EQUITY
Required -
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