Pakistan company issued 12,000 shares of its 1 peso par common stock for 80% interest in syria company. The fair value of pakistan company stock is 25 peso. Syria company had been plaque by many teouble including lawsuits from a competitor for patent infringement the existing owners of Syria company was willing to sell it for discount to its net fair value the fair value of non controlling interest as at aquisition date was 90,000 peso.Required Prepare consolidated Balance sheet immediately after aquisitionA. Proportionate basisB fair value basis

190 Pakistan Syria Assets Book value Book value Syna P 334,800 Fair value Cash . Accounts receivable ... 86,400 P 24.000 96.000 P x 24,000 Inventory . .. . .. 60,000 120,000 66.000 Land . . ... 48,000 Buildings and equipment (net) 744.000 222.000 84,000 372.000 Copyright . . .... Total Assets .. ... P1 381.200 P 354 000 60.000 Liabilities and Stockholders' Equity P 606.000 Accounts payable . ..... . . P 96,000 P 42,000 P 42,000 Estimated liability for contingencies . ..... 240,000 20,000 6.000 Bonds payable . .... 120,000 Common stock, P1 par . . ... 32,160 12,000 Paid in capital in excess of par . . . ... 435,840 . . 108,000 Retained earnings .. .... 577,200 72,000 Stockholders' Equity P1 381 200 P 354.000 P 438 000