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Question - Separate Statement of Financial Position for P Corporation and S Corporation at December 31, 2021 are as follows:
P CORP
S CORP
CASH
50,000
20,000
OTHER CURRENT ASSET
150,000
80,000
LAND
300,000
BUILDINGS AND EQUIPMENT
600,000
200,000
LESS: ACCUMULATED DEPRECIATION
(200,000)
(50,000)
TOTAL ASSETS
900,000
CURRENT LIABILITIES
100,000
ORDINARY SHARE CAPITAL, P10 PAR
SHARE PREMIUM
60,000
75,000
RETAINED EARNINGS
140,000
TOTAL EQUITIES
P issued 10,000 shares of its own ordinary shares with a market value of P300,000 on January 2, 2022 in exchange for 80% of S's outstanding shares. All of S's assets and liabilities were recorded at their fair values except for buildings and equipment that had a fair value of P170,000 and remaining useful life of 5 years. P Corporation measure the non controlling interest at its fair market value.
Required -
1. How much Goodwill should appear in the consolidated balance sheet prepared immediately after the business combination?
2. At what amount would Building and Equipment, net of accumulated depreciation, should appear in P's consolidated balance sheet prepared on January 2, 2022, immediately after the business combination?
3. How much is the consolidated equity as of date of acquisition?
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