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On July 1, 2018, Karen Company acquired 25% of the outstanding ordinary shares of Klaire Corporation at a total cost of P7,000,000. The underlying equity of the shares acquired by San Luis was only Php 6,000,000. Klaire Company is willing to pay more than the book value for the following reasons:
Required:
Problem 1: Based on the above and the result of your audit, determine the following:
1. Total amount of goodwill of Klaire Company based on the price paid by Karen Company?2. Net investment income from Investment in Klaire Company?3. Carrying amount of investment in Klaire Company as of December 31, 2018
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