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PROBLEM - PFRS for SMEs - S Company acquired the net assets of R Company on July 1, 2021, and made the following entry to record the acquisition (both using PFRS for SME):
Current and Non-current Assets
3,600,000
Goodwill
600,000
Liabilities
480,000
Ordinary share capital, P1 par
Share premium
3,120,000
The agreement further provides that additional cash consideration would be paid on June 30, 2022, equal to twice the amount by which net earnings of R Company exceed 300,000 with the first 12 months of acquisition. Net income was 260,000 in 2021 (earned evenly) and 160,000 for the first six months of 2022. Included in the goodwill computation and liabilities above is fair value of the contingent consideration, which was estimated to be 80,000 as of July 1, 2021, although assessed as not probable at this date.
Required - What should be the amount of goodwill on December 31, 2022?
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