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What figure in respect of goodwill shoudl now be carried

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Question - The Lamp Co. acquired 70% interest in the Ohau Co. for P1,960,000 when the fair value of Ohau's identifiable assets and liabilities was P700,000 and elected to measure the non-controlling interest at its share of the identifiable net assets. Annual impairment reviews of goodwill have not resulted in any impairment losses being recognized. Ohau's current statement of financial position shows share capital of P100,000, a revaluation reserve of P300,000 and retained earnings of P1,400,000. Under IFRS 3, Business Combination, what figure in respect of goodwill shoudl now be carried in Lamp's consolidated statement of financial position?

Reference no: EM132606736

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