After the date of the business combination, the book value of Silk's net assets and liabilities approximated
Question:
After the date of the business combination, the book value of Silk's net assets and liabilities approximated their fair value except for inventory, which had a fair value of P85,000, and land, which had a fair value of P45, 000. The fair value of the non-controlling interest was P64,500 on December 31, 20x2.
For each of the question below, indicate the appropriate total that should appear in the consolidated balance sheet immediately after the business combination on the basis of full-goodwill approach:
a. amount of inventory
b. amount of goodwill
c. amount of total assets
d. amount of investment in Silk
e. amount of liabilities
f. amount will be reported as non-controlling interest
g. amount of consolidated retained earnings
h. amount of stockholders; equity will be reported