Pre-test 3 - Comprehensive Problem (Acquisition of Stocks - Partially owned Subsidiary) ABC Corporation acquired 75% of outstanding shares of XYZ Corporation for P300,000 on January 1,2023 . On the date of acquisition, the excess of inventory and Property \& Equipment's Fair value of XYZ over its book value are P10,000 and 20,000 respectively. The company is using FIFO method. The remaining useful life of depreciable assets of XYZ is 5 years. The net assets at book value of XYZ on the date of acquisition includes common stock and retained earnings amounting to 200,000 and 100,000 respectively. The balance sheet of ABC and XYZ for the year ended December 31, 2024 is presented below: Ralance Shaat (Maremhar 312024 ) The net income of ABC in the statement of retained earnings includes the dividend income from XYZ. Impairment loss on Goodwill for December 31, 2024 is P7,000 (Based on Full goodwill approach). Requirement: Use the full goodwill approach 1. Compute the share of Parent and NCl in the goodwill on the date of acquisition for each case: A. The fair value of NCl is P110,000 B. The fair value of NCl is not given 2. Prepare the working paper for 2023 and 2024 assuming the fair value of NCl is not given. 3. Compute the following: A. Total consolidated assets in 2023 and 2024 B. Total consolidated liabilities in 2023 and 2024 C. Non-controlling interest in 2023 and 2024 D. Consolidated Retained Earnings in 2023 and 2024 E. Consolidated Net Income attributable to parent in 2023 and 2024 F. Total consolidated shareholders equity in 2023 and 2024