Kairi Company acquired 85% of the outstanding shares that carrying voting rights of Namine Company on January 1, 2020 for P2,580,000. Acquisition expenses, direct and indirect, amounted to P83,000 and P42,000, respectively. The Statements of Financial Position of Kairi and Namine immediately before the acquisition are as follows: The following information was ascertained on the date of acquisition: a. The value of the receivables and equipment of Namine has decreased by P25,000 and P14,000, respectively. b. The fair value of Namine' inventories was P436,000, whereas the value of land and building has increased by P471,000 and P107,000, respectively. c. There was an unrecorded accounts payable amounting to P27,000 and the fair value of the notes payable is P738,000. Assume that the purchase price paid by Kairiwas P1,500,000. Required: 25. How much is the goodwill (gain on acquisition)as of date of acquisition? 26. How much is the consolidated assets as of date of acquisition? 27. How much is the consolidated shareholders' equity as of date of acquisition? 28. How much is the consolidated retained earnings as of date of acquisition? Item 5 On January 1, 2020, Riku Company purchased the net assets of Ansem Company by issuing 100,000 shares of its P1 par value ordinary shares when the fair value was P6.20 per share. It was further agreed that RikuCompany would pay an additional amount of P300,000 on January 1,2022 if the average income during the two-year period for the year 2020 and 2021 exceeded P80,000 per year. The expected value of this consideration was calculated as P184,000 on date of acquisition. As a result, a goodwill of P284,000 was appropriately recorded. Assume that the average income of Ansemfor the two-year period exceeded P80,000. 29. What is the required journal entry on January 1,2022