Reference no: EM133087821
Question - On January 1, 2020, Catriona Co. acquired 25% interest in the ordinary shares of Gazini, Inc. for P3,900,000. Catriona also paid for P100,000 transaction cost incidental to the acquisition. Gazini's assets and liabilities approximate their fair values except for inventories with carrying amount of P600,000 and fair value of P400,000, and machinery with carrying amount of P3,000,000 and fair value of P1,500,000. The remaining useful life of the machinery is 10 years. Gazini's net assets have a book value of P12,000,000.
On December 31, 2020, Gazini reported net income of P4,000,000 and declared and paid dividends of P1,000,000.
On December 31, 2021, Gazini reported net income of P5,000,000 and declared and paid dividends of P1,400,000.
Required - Based on the above data, answer the following
How much is the implied goodwill from the transaction?
How much is the net share in the profit or loss of the associate in 2020?
How much is the carrying amount of the investment as of December 31, 2020?
How much is the net share in the profit or loss of the associate in 2021?
How much is the carrying amount of the investment as of December 31, 2021?
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: On December 31, 2020, Gazini reported net income of P4,000,000 and declared and paid dividends of P1,000,000. How much is the implied goodwill
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