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Farley Corporation purchased 30% of Barney Companys outstanding ordinary shares on January 2,2020 for P270 million. The BV of Barney Companys net assets(shareholders ewauity) at

Farley Corporation purchased 30% of Barney Companys outstanding ordinary shares on January 2,2020 for P270 million. The BV of Barney Companys net assets(shareholders ewauity) at tge purchase date totaled P450 million. Book Values and Fair Values were the same for all financial statement items except for inventory and buildings, for which fair values exceeded book values by 12.5 million and 12.5 million, respectively. All inventory on hand at the purchase date was sold during 2018. The buildings have average remaining useful lives of 15 years. Barney Company reported Net income of 110 million for the year ended Dec. 31,1020 and paid cash dividend of 40 million. The FV of Farleys investment in associate was 300 million at Dec. 31,2020.
QUESTION:
1. Of the amount paid for the acquisition of Barneys ordinary shares, how much is attribute to goodwill?
2. What is the investment balance at December 31,2020?
3. At what amount will Durian Corp report its investment income in its 2020 income statement?

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