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On January 7, 2018, Rey Co. acquired a 40% interest in Joanne Co. for P4,800,000. Rey already held a interest which had been acquired for

On January 7, 2018, Rey Co. acquired a 40% interest in Joanne Co. for P4,800,000. Rey already held a interest which had been acquired for P1,600,000 but which was valued at P1,920,000 at January 7, 2018. The value of non-controlling interest (NCI) at January 7, 2018 was P2,400,000, and the fair value of the identify net assets of Joanne Co. was P8,400,000. 



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