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How much is the amortization of goodwill

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Question - P Corporation paid P2,000,000 for 75% interest in S Company on January 1, 2021. The stockholders' equity accounts of S Company included share capital of P1,000,000 and retained earnings of P725,000. Of the excess of the sum of the purchase price and NCI over book value, P125,000 is attributable to undervalued inventories (all sold in 2021) and the remainder to goodwill. S's net income for the year is P450,000 and P's net income is P1,150,000. Dividends received by P from S for the year amounted to P75,000. Both P Corporation and S Company are SMEs.

How much is the balance of NCI at the end of 2021?

How much is the Non-controlling interest in the Net Income of the subsidiary for 2021?

How much is the amortization of goodwill for 2021?

Reference no: EM133015699

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