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What amount of goodwill should be reported by paris

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Problem 1: On May 1, 20x1, Paris acquired the net assets of Mars for consideration of P20 million. At the date of acquisition, the carrying amount of net assets was P12 million and its provisional fair value of assets was P15M and its liabilities is P2.5 million. AN additional valuation which was received on March 31, 20x2 increased the provisional fair value of assets by P1.5 million and on May 15, 20x2, the fair value of assets has finalized at P12 million. What amount of goodwill should be reported by Paris in its statement of financial position on December 31, 20x2?

Reference no: EM132836668

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