Problem 14-12 PCompany acquired a controlling interest in X Company. P Company had the following statement of financial position on the acquisition data: P Company (the acquirer) - Legal Subsidiary Statement of Financial Position December 31, 2017 Assets Liabilities and Equity Current assets P 2,000 P 4,000 Non-current liabilities Non-current assets 10,000 Common stock, P2 par 200 APIC 1,800 Retained earnings 6,000 Total assets P12,000 Total liabilities and equity P12,000 X Company had the following statement of financial position on the acquisition date: X Company (the acquiree) - Legal Parent Statement of Financial Position December 31, 2017 400 Assets Liabilities and Equity Current assets P2,000 Non-current liabilities P2.000 Non-current assets -4,000 Common stock, P2 par APIC 1,600 Retained earnings 2,000 Total assets P6,000 Total liabilities and equity P6,000 The fair value of the non-current assets of X Company is P6,000. The shareholders of P Company request 300 X Company shares in exchange for all of their 100 shares. This is an exchange ratio of 3 to 1. The fair value of a share of X Company is P50. Required: 1. Prepare a determination and allocation of excess schedule. 2. Prepare a consolidated statement of financial position. Problem 14-12 PCompany acquired a controlling interest in X Company. P Company had the following statement of financial position on the acquisition data: P Company (the acquirer) - Legal Subsidiary Statement of Financial Position December 31, 2017 Assets Liabilities and Equity Current assets P 2,000 P 4,000 Non-current liabilities Non-current assets 10,000 Common stock, P2 par 200 APIC 1,800 Retained earnings 6,000 Total assets P12,000 Total liabilities and equity P12,000 X Company had the following statement of financial position on the acquisition date: X Company (the acquiree) - Legal Parent Statement of Financial Position December 31, 2017 400 Assets Liabilities and Equity Current assets P2,000 Non-current liabilities P2.000 Non-current assets -4,000 Common stock, P2 par APIC 1,600 Retained earnings 2,000 Total assets P6,000 Total liabilities and equity P6,000 The fair value of the non-current assets of X Company is P6,000. The shareholders of P Company request 300 X Company shares in exchange for all of their 100 shares. This is an exchange ratio of 3 to 1. The fair value of a share of X Company is P50. Required: 1. Prepare a determination and allocation of excess schedule. 2. Prepare a consolidated statement of financial position