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What amount should be reported as goodwill as a result

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At the current year-end, Sun Company purchased for P30 per share all 200,000 Moon Company's outstanding ordinary shares. On this date, the acquiree's statement of financial position showed net assets of P5,000,000. Additionally the fair value of the acquiree's identifiable assets on this date was P400,000 in excess of carrying amount.

Question 1: In the statement of financial position, what amount should be reported as goodwill as a result of the acquisition?

Option A. 1,000,000

Option B. 400,000

Option C. 600,000

Option D. 350,000

Reference no: EM132592971

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