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Question - On January 1, 2022, MICROSOFT Corp purchased interest in EXCEL Co (95% ownership, P1,400,000 cost if investment). On this date, the book values and fair values of EXCEL were as follows:
BOOK VALUE
FAIR VALUE
CASH
P400,000
ACCOUNTS RECEIVABLE
500,000
INVENTORY
825,000
900,000
PPE
1,050,000
950,000
CURRENT LIABILITIES
315,000
300,000
NON - CURRENT LIABILITIES
730,000
800,000
ORDINARY SHARE CAPITAL
SHARE PREMIUM
100,000
RETAINED EARNINGS
1,140,000
Non controlling interest is measured using the proportionate method.
If MICROSOFT total assets in its separate books is P10,000,000, how much is total consolidated assets on date of acquisition?
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