Reference no: EM133069397

Questions -

Q1. On June 1, 2019, Parent, Inc., paid P1,700,000 for all the issued and outstanding common stock of Subsidiary Corporation. On that date, the total cost and the total fair value of Subsidiary Corporation's net assets are P1,260,000 and P1,320,000, respectively. In Parent Inc.'s December 31, 2019 consolidated statement of financial position, what is the amount of goodwill that should be reported as a result of this business combination?

Q2. On January 2, 2019, P Corporation purchased 80% of S Company's P10 par common stock for P975,000. On this date, the book value of S's net assets was P1,000,000. The fair value of S's identifiable assets and liabilities were the same as their carrying amounts except for plant assets (10 year life), which were P100,000 in excess of the carrying amount. For the year ended December 31, 2019, S had comprehensive income of P190,000 and paid cash dividends totaling P152,000. In the December 31, 2019 consolidated statement of financial position, non-controlling interest (NCI) should be reported at?