What the share of the subsidiary in impairment of goodwill

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Question - On January 1, 2021, Blue Company acquired 70% of the stocks of Green Company for P3,000,000. On this date, the subsidiary had P1,200,000 Capital Stock and P600,000 Retained Earnings. Blue Company measures NCI at fair value. On January 1, there is no over or under valuation of identifiable assets and liabilities of Green Company. During 2021, Blue Company ships merchandise to Green Company with a cost of P700,000 at 20% above cost. On December 31, 2021, accounting records showed: (refer to the table)

The ending inventories of Green Company include merchandise shipped from Blue Company amounting to P120,000. The impairment of goodwill for the year is P30,000. What the share of the subsidiary in the impairment of goodwill?

Reference no: EM133005125

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