Required:

Prepare the summary of the December 31, 2020 Consolidated Financial Statements

PROBLEM 6 (Equity Method) On January 2, 2020, Isaiah Company acquired 80% of Ezekiel Company for P75,OOO. Ezekiel's net identifiable assets have a carrying amount of P74,OOO and fair value of P90,OOO. The difference is due to the following: Book Fair Value Value Inventory 20,000 24,000 Equipment (net) 40,000 52,000 The equipment has a remaining life of 6 years. NCI is measured using the proportionate method.