Reference no: EM133188273
Question - On January 1, 2018, Poka Corp. and Stess Corp. had a condensed statements of financial position as follows:
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Poka Co.
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Stess Co.
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Current assets
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70,000
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20,000
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Non-current assets
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90,000
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40,000
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Total assets
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160,000
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60,000
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Liabilities
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30,000
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10,000
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Long-term debt
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50,000
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Shareholders' equity
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80,000
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50,000
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Total liabilities and SHE
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160,000
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60,000
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On January 2, 2018, Poka borrowed P60,000 and used the proceeds to purchase 90% of the outstanding ordinary shares of Stess. This debt is payable in 10 equal annual payments, plus interest, beginning December 31, 2018. The excess cost of the investment over Stress' book value of acquired net assets should be allocated 60% to inventory and 40% to goodwill.
On Poka's January 2, 2018 consolidated statement of financial position, assuming the non-controlling interest is measured at its proportionate share of the identifiable net assets.
Required -
What is the amount of current assets?
What is the amount of non-current assets?
What is the amount of non-controlling interest?
What is the amount of long-term liabilities?
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