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Question - On April 1, 2020, UY Corporation purchased 30% of the voting rights in YI Company for P5,000,000. The net assets of YI Company on this date have a carrying value of P15,000,000. These net assets are fairly valued except for building and inventory. The building's fair value is P1,000,000 greater than its carrying amount, while the inventory is undervalued by P110,000. The building has remaining useful life of 10 years and the 3/4 of the inventories were sold during the current year.
In 2020, YI Company reported an income of P4,000,000 and paid dividends amounting to P2,000,000.
1. How much is goodwill?
a. 167,000
b. 500,000
c. 0
d. 610,000
2. How much is the carrying value of the investment in associate at year-end?
a. P5,545,250
b. P5,252,750
c. P4,352,750
d. P6,145,250
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