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What amount of goodwill included in the financial statement

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Problem 1: An entity acquired all the share capital of a foreign entity at a consideration of 18 million yen on June 30, 2020. The fair value of the net assets of the foreign entity at that date was 12 million yen. The functional currency of the entity is the peso. The financial year end of the entity is December 31, 2020. The exchange rate at June 30, 2020 and December 31, 2020, were 1.5 yen = P1 and 2 yen = P1, respectively. What amount of goodwill should be included in the financial statement for the year ended December 31, 2020?

Group of answer choices

a. P3,000,000

b. P4,000,000

c. 6,000,000 yen

d. P6,000,000

Reference no: EM132769454

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