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How much is full goodwill in december

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Question - Basahin Company acquires 75% of Mabuti Company for P480,000 on January 1, 20x8. Mabuti reported capital stock of P325,000 and retained earnings of P275,000 on that day. An equipment with 5-year remaining life was undervalued by P50,000 and buildings with 10-year remaining life were overvalued by P20,000. Any excess consideration transferred over fair value was attributable to goodwill. Based on annual review, goodwill was impaired by P1,000. In 20x8, Mabuti net income is P120,000 and paid dividends of P50,000. How much is full goodwill in December 31, 20x8 consolidated financial statements?

Reference no: EM132783515

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