Question
Basahin Company acquires 80% of Mabuti Company for P600,000 on January 1, 20x8. Mabuti reported capital stock of P400,000 and retained earnings of P200,000 on
Basahin Company acquires 80% of Mabuti Company for P600,000 on January 1, 20x8. Mabuti reported capital stock of P400,000 and retained earnings of P200,000 on that day.An equipment with 8-year remaining life was undervalued by P100,000 and buildings with 10-year remaining life were overvalued by P60,000.Any excess consideration transferred over fair value was attributable to goodwill.Based on annual review, goodwill was impaired by P12,000. In 20x8, Mabuti net income is P100,000 and paid dividends of P40,000.How much is the non-controlling interest under partial goodwill method in December 31, 20x8 consolidated financial statements?
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