Reference no: EM132783506
Question - On February 28, 2016, P Corp. purchased 80% of S Co.'s P10 par ordinary shares for P986,000. On this date, the carrying amount of S's net assets was P1,000,000. The fair values of S Co.'s identifiable assets and liabilities were the same as their carrying amounts except for plant assets (net), which were P120,000 in excess of the carrying amount. The estimated remaining life of the asset is 5 years. For the year ended December 31, 2016, S had net income of P294,000 and paid cash dividends to P Corp. of P112,000 (all coming from post-acquisition Retained Earnings). Loss on impairment of goodwill in 2016 amounted to P20,000. P Corp. uses the proportionate method in measuring non-controlling interest. Revenue were earned evenly throughout the year
A. Determine the goodwill on the January 1, 2016 consolidated balance sheet.
B. Determine the non-controlling interest in net income of subsidiary on December 31, 2016.
C. Determine the non-controlling interest in net asset of subsidiary on December 31, 2016.
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