Solution-What amount should ABC company report in its

What amount should ABC company report in its statement

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Question - On January 2 2021, ABC Company acquired 40% of XYZ Company's outstanding ordinary shares for P8,000,000. The carrying amount of XYZ's net assets at the purchase date totaled P18,000,000. Fair values and carrying values were the same for all items except for the equipment and inventories, for which fair values exceed their carrying values by P1,800,000 and P200,000 respectively. The equipment has an 18 - year life. All inventories were sold during 2021. During 2021 XYZ reported net income of P 2,400,000 and paid dividend of P400,000. What amount should ABC company, report in its statement of comprehensive?

Reference no: EM133043910

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What amount should ABC company report in its statement

Reference no: EM133043910

Reference no: EM133043910

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