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On July 1, 2018, ABC Company acquired 25% of the outstanding ordinary shares of XYZ Corporation at a total cost of P7,000,000. The underlying equity of the shares acquired by QQQ was only Php 6,000,000. XYZ Company is willing to pay more than the book value for the following reasons:
Required: Based on the above and the result of your audit, determine the following:
Problem 1. Total amount of goodwill of XYZ Company based on the price paid by ABC Company?
Problem 2. Net investment income from Investment in XYZ Company?
Problem 3. Carrying amount of investment in XYZ Company as of December 31, 2018
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