D mY 2021 22 Problem 3 The following Information will be used in Question nos. 11-20 uncements des Pag-ibig Corporation acquired 70% of outstanding stocks of Sagigilid Company on January 1, 2019, for P450,000 in cash Sagigilid Company had a book value of P480,000 on that date. NCI and goodwill were to be measured using the partial goodwill approach. However, an equipment with a 5-year life was overvalued by P30,000 on Sagigilid Company's financial statements. Also, a building with a 15-year life and land were undervalued by P15,000 and P25,000 respectively. Subsequent to acquisition, Sagipllid Company reported the following: sions eButton rences) Year CI Dividends Paid 2019 60,000 12,000 b OPAC 2020 80,000 30.000 2021 120,000 50.000 In accounting for investment, Pag-ibig Company uses the cost method. Selected accounts taken from the financial records of these two companies as of December 31, 2021, are as follows: Pag-ibig Corp. Sagigilid Co. Revenues-Operating 500,000 450,000 Expenses 350,000 330,000 Equipment (net) 450.000 90,000 Buildings (net) 600.000 120,000 Land 875.000 100,000 Common Stock 300.000 100,000 Retained Earnings, 12/31/20 800.000 433,000 The goodwill was determined to be impaired on December 31, 2021 by P20,000 which was based on the grossed-up goodwill Determine the following account balances as of December 31, 2021 (3 years after acquisition). Fill up the answers in the following order 11 Inuinctment in Saplollid Company Ino Pao-ibio Corn'c individi alfonancial rental Ps 2 29C Rain sho... structure.com Equipment (net) 450,000 90,000 Buildings (net) 600,000 120,000 Land 875,000 100,000 Common Stock 300,000 100,000 Retained Earnings, 12/31/20 800,000 433.000 The goodwill was determined to be impaired on December 31, 2021 by P20,000 which was based on the grossed-up goodwill Determine the following account balances as of December 31, 2021 (3 years after acquisition). Fill-up the answers in the following order: 11. Investment in Sagigilid Company (on Pag-ibig Corps individual financial records) 12. Non-controlling interest on the consolidated financial statements 13. Consolidated Comprehensive Income 14. Comprehensive income attributable to NCI 15. Consolidated equipment (net) 16. Consolidated buildings (net) 17. Consolidated land 18. Consolidated goodwill (net) 19. Consolidated common stock 20. Consolidated retained earnings. 12/31/2021 Previous