Problem 7. On July 1, 2011, Giordano, Inc. acquired most of the outstanding common stock of Esprit Company for cash. The incomplete working paper elimination entries on that date for the consolidated statement of financial position of Giordano, Inc. and its subsidiary are shown below: Stockholders' equity - Esprit 2,437,500 Investment in Esprit 1,584,375 Non-controlling interest 853,125 Inventories 62,500 Equipment 312,500 Patent 61,250 Goodwill ? Investment in Esprit 468,750 Non-controlling interest ? Included in the purchase price is a control premium of P68,750. The amount of goodwill to be reported in the consolidated statement of financial position on July 1, 2011: a. Assuming non-controlling interest is measured at fair value b. Assuming non-controlling interest is measured at the proportionate or relevant share c. Assuming non-controlling interest is measured at fair value. The fair value of the non controlling interest is P1,150,000