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Question - On January 1, 2019, Gardner Associates purchased 20 percent of the outstanding shares of stock of Gillen Corp. for P8,000,000 cash. investment. On that date, Gillen's net assets (book and fair value) were P30,000,000. Gardner has determined that the excess of the cost of its investment in Gillen over its share of Gillen's net assets is attributable to a depreciable asset which has an estimated useful life of 20 years.
Gillen's net income for the year ended December 31, 2019, was P1,800,000 and paid P400,000 cash dividends.
Gardner sold 50% of its ownership in Gillen for P3,200,000 on December 31, 2019.
Required - Record the above transactions under the cost and equity methods.
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