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Question - On January 2, 2021, the Statement of Financial Position of Parent and Subsidiary Company prior to the combination are:
Parent Co.
Subsidiary Co.
Cash
P450,000
P15,000
Inventories
300,000
30,000
Property and equipment (net)
750,000
105,000
Total Assets
P1,500,000
P150,000
Current Liabilities
P90,000
Common Stock, P100 par
150,000
15,000
Additional Paid in Capital
450,000
Retained Earnings
810,000
90,000
Total Liabilities and Stockholders' Equity
The fair value of Subsidiary Company's equipment is P153,000.
Assuming Parent Company acquired 80% of the outstanding common stock of Subsidiary Company for P136,800 and NCI is measured at its proportionate share of subsidiary's net assets, how much is the consolidated stockholder's equity on the date of acquisition?
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ACCT6001 Accounting Information Systems Assignment help and solution, Laureate International Universities - assessment writing service- Develop business process
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