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On January 1, 2015, Irene Associates purchased 300,000 of the 1,000,000 outstanding common shares of stock of Amaya Corp. Irene issued a 5 year promissory note for P1,500,000. The note pays interest of 8% annually every December 31. The investment will be accounted for by the equity method. On that date, Amaya's net identifiable assets (book and fair value) were P4,000,000.
Required:
Problem 1. Give the journal entries to record the acquisition.
Problem 2. Determine goodwill or negative goodwill in the purchase of Amaya Corp.
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