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NOBITA Corporation acquired 65 percent of ZONEYO Corporation's common stock on December 31, 2018. ZONEYO's statement of financial position immediately before the combination reflected the
NOBITA Corporation acquired 65 percent of ZONEYO Corporation's common stock on December 31, 2018. ZONEYO's statement of financial position immediately before the combination reflected the following balances: Cash and receivables P 120,000 Inventory 210,000 Land 270,000 Building and equipment 750.000 Total Assets P 1,350,000 Accounts payable P 90,000 Income tax payable 120,000 Bonds payable 300,000 Ordinary shares 300,000 Retained earnings 540.000 Total equities P 1,350,000 A review of the fair value of ZONEYO's assets and liabilities indicated that inventory, land, and buildings and equipment had fair values of P 195,000, P300,000, and P900,000 respectively. All other assets and liabilities have book value equal to their fair value. 1. Assuming NOBITA paid P800,000 for 65% of the outstanding shares of ZONEYO and the fair value of the non-controlling interest at the date of acquisition was determined to be P400,000, how much is the goodwill/(income for acquisition) to be reported in the consolidated statement of financial position of NOBITA Corporation? 2. Assuming NOBITA paid P600,000 for 65% of the outstanding shares of ZONEYO and the fair value of the non-controlling interest at the date of acquisition was determined to be P320,000, how much is the goodwill/(income for acquisition) to be reported in the consolidated statement of financial position of NOBITA Corporation? Assuming NOBITA paid P715,000 for 65% of the outstanding shares of ZONEYO, how much is the goodwill/(income for acquisition) to be reported in the consolidated statement of financial position of NOBITA Corporation? 4. Assuming NOBITA paid P650,000 for 65% of the outstanding shares of ZONEYO, how much is the goodwill/(income for acquisition) to be reported in the consolidated statement of financial position of NOBITA Corporation
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