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Question - KAY Company acquired 80% of the outstanding shares of JOI Company for P450,000; which included a control premium of P25,000, on January 1, 2019 when the net assets of JOI amounted to P400,000. On the date of acquisition JOI Company's net assets had book values equal to their values except for inventory which was understated by P25,000 (20% of the goods were sold in 2020) and an equipment with a remaining 5-year life was understated by P50,000. The non-controlling interest is to be valued at fair value. On December 31, 2021, JOI Company reports capital stock of P200,000, share premium of P200,000 and retained earnings of P300,000.
Determine the valuation of the non-controlling interest in the consolidated financial statements on December 31, 2021.
A. 161,500
B. 129,000
C. 160,250
D. 155,250
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