On January 1, 2020, West Corporation purchased 80% of the common stocks of Fast Company. Separate balance sheets for the companies at acquisition date are as follows: West Corp Fast Co. FMV Cash P 12,000 P 119,000 Accounts receivable 22,000 13,000 Page 2 of6 www.9rtc.com.ph AFAR 2706 EXCEL PROFESSIONAL SERVICES. INC. Inventory 66,000 19,000 29,000 Plant assets, net 230,000 120,000 140,000 (remaining life 5 years) Investment in Fast 195,000 Total assets P 615,000 P 271,000 Accounts payable P103,000 P 71,000 Capital stock 400,000 150,000 Retained earnings 112,000 50,000 Total equities P 615,000 P 271,000 13.Goodwill (income) to be recorded by West Corp. a. P 45,000 c. P 15,000 b. (P 25,000) d. (P 34,000) 14.Tota| assets on the consolidated balance sheet a. P 735,000 c. P 720,000 b. P 931,000 d. P 705,000 15. Noncontrolling interest in net assets as of January, 2020 a. P 39,200 c. P 45,000 b. P 40,000 d. P 49,000