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Question - On April 30, 2022, Rabiya Company purchased for cash 18,000 shares of the 60,000 voting shares of Catriona Company for P650,000. This amount exceeded the underlying equity acquired in the net assets of Catriona Company by P150,000. The excess is attributable to undervaluation of Catriona's land and equipment by P250,000 and P100,000 respectively. At April 30, 2022, the equipment had a remaining useful life of 5 years. The remaining excess was attributable to goodwill. During the year 2022, Catriona reported profit of P600,000, of which P120,000 was earned during January through April. Catriona declared and distributed a dividend of P4 per share on June 30, 2022. Market price of Catriona shares at December 31, 2022 is P40 per share. How much goodwill is included in the carrying amount of investment?
a. 150,000
b. 45,000
c. 71,250
d. 105,000
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