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Parent Company acquires 25% of Subsidiary's Company ordinary share for P380,000 cash and carries the investment using the cost method. After three months, Parent purchases
Parent Company acquires 25% of Subsidiary's Company ordinary share for P380,000 cash and carries the investment using the cost method. After three months, Parent purchases another 55% of Subsidiary's ordinary share for P1,100,000. On this date, Subsidiary reports identifiable assets with carrying value of P1,800,000 and fair value of P2,300,000 and it has liabilities with a book value and fair value of P700,000. The fair value of 20% NCI is P360,000. Goodwill valued on the fair value basis is
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