Fairview Corporation, U.S. Company, has a wholly-owned subsidiary in Mexico. The subsidiary's functional currency is the Mexican

Question:

Fairview Corporation, U.S. Company, has a wholly-owned subsidiary in Mexico. The subsidiary's functional currency is the Mexican peso, and translation to U.S. dollars is appropriate. The subsidiary was acquired on January 2, 2014, for $18,000,000. The of the subsidiary on the date of acquisition is as follows:
Mexican Subsidiary
Balance Sheet at January 2, 2014
Assets
Cash and receivablesP 15,000,000
Inventories35,000,000
Noncurrent assets, net75,000,000
Total assetsP125,000,000
Liabilities and stockholders' equity
LiabilitiesP 25,000,000
Capital stock80,000,000
Retained earnings20,000,000
Total liabilities and stockholders' equityP125,000,000
The fair values of the subsidiary's inventories are P50,000,000, and the fair values of the subsidiary's noncurrent assets are P70,000,000. All other amounts are reported at approximate fair value. The on January 2,2014, is $0.10/peso.
Required
Present a schedule showing the calculation of for the acquisition, in U.S. dollars, and the entries necessary to consolidate the balance sheets of Fairview and its subsidiary on January 2,2014. Goodwill
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