Reference no: EM132829288
Polly Company acquired 80% of the outstanding shares of Summer Company for 4,500,000 on January 2, 2019 and paid P50,000 for direct acquisition related costs. On this date, Summer Company's stockholders' equity was composed of:
Share Capital - P2,000,000;
Share Premium - P1,200,000 and
Retained Earnings - P1,600,000
The excess of cost over book value was allocated as follows: 10% to undervalued inventory, 40% to over depreciated fixed assets which has a remaining life of 5 years and the remainder to goodwill. Summer reported net income of P200,000 and paid dividends of P150,000 in 2019. The impairment on goodwill for 2019 was reported to be P5,000.
Problem 1: The NCI in the consolidated balance sheet on December 31, 2019 is?
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