Reference no: EM132968916
Question - On January 2, 2020, Polo Corporation purchased 80percentof Seed Company's common stock forP210,000. Polo also paid P10,000 expenses related to the acquisition of which indirect expenses were P4,000. Both companies are under the category of SMEs and opted to use PFRS for SMEs in their financial reporting. All assets and liabilities of Seed Company have equal book values and fair values except for a depreciable asset which its fair value exceeds its book value by P25,000. The remaining useful life on such asset is 5 years as of that date. On the date of acquisition, Seed Company reported common stock outstanding of P80,000 and retained earnings of P140,000, and Polo Corporation reported common stock outstanding of 350,000 and retained earnings of 520,000. On December 31, 2020 Seed Company reported comprehensive income of 35000 and paid dividends of 15,000 while Polo Corporation reported income from its separate operations of P95,000 and paid dividends of 46,000.
Required -
What is the consolidated retained earnings on December 31, 2020?
How much goodwill is to be recognized in the consolidated financial statement as of December 31, 2020?
What is the consolidated comprehensive income attributable to parent on Dec 31, 2020?
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