Accounting for Business Combination

On January 1, 20x1, Row Co. acquired 10,000 out of the 100,000 outstanding shares of Boat Co. for P30,000. Row Co. classified the shares as financial asset measured at fair value through profit or loss. The shares were trading at P5 on December 31, 20x1. On July 1, 20x2, Row Co. acquired additional 80,000 shares of Boat Co. at P8 per share, the quoted price on that date. The outstanding shares of Boat Co. remained at 100,000 shares. Boat Co.'s net identifiable assets have a fair value of 9665,000 . Row Co. elected to measure NCI at ' proportionate share'. Requirements: Compute for the goodwill. 0. Provide all the journal entries on July 1,202