Reference no: EM132978495
Question 1 - On January 2,2021, ABC Co.. acquired all of DEF's ordinary shares for P1,800,000. On that dated, the fair values of DEF's assets and liabilities equalled their carrying amounts of P1,980,000 and P480,000 respectively. During 2021, DEF paid cash dividends of P30,000. Selected information from the seoarate statements of financial position and statements of income of ABC and DEF as of December 31,2021 and for the year ended as follows:
ABC DEF
Operating Income 600,000.00 300,000.00
Income from Subsidiary 30,000.00 -
Net Income 630,000.00 210,000.00
Investment in Subsidiary 1,800,000.00 -
Accumulated Profits 1,050,000.00 840,000.00
Shareholder's Equity 3,930,000.00 1,680,000.00
Compute the consolidated accumulated profits.
2,040,000
2,070,000
2,670,000
1,860,000
Question 2 - On July 1,2021, ABC Co. acquired 99% of the outstanding ordinary share capital of DEF Co. for P990,000 cash. The remaining 1% was held by a shareholder who was unwilling to sell the share. DEF's net assets had a book value of P950,000 and a fair market value of P50,000 more than the carrying value when it was acquired by ABC. The non-controlling interest using the full goodwill method should be reported at:
9,900
10,000
10,500
9,000
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