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Give the journal entries to record the acquisition

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Reference no: EM132892368

On January 1, 2015, Ian Company purchased 300,000 of the 1,000,000 outstanding common shares of stock of Aina Corp. Ian issued a five- year non-interest bearing note for P1,500,000. The market interest rate for similar note is 8%. The investment will be accounted for by the equity method. On that date, Aina's net 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 Aina Corp.

Reference no: EM132892368

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