Statement of Profit or Loss For the year ended December 31, 2022 Shot Good Sales 500,000 230,000 Cost of goods sold (300,000) (151,000) Gross Profit 200,000 79,000 Depreciation Expense (48,000) (7,000) Distribution Costs (18,000) (12,000) Interest Income 7,500 Interest Expense (10,000) Profit for the year 141,500 50,000 The following intercompany transaction occurred in 2022: . On January 1, 2022, Good :. purchased 60% of the outstanding bonds of Shot Co. from the open market for Php40,500. XYZ measured the bonds at amortized cost and recognized Php7,500 interest income, including the amortization of the bond discount. . On December 31, 2022 it was determined that goodwill is impaired by Php1,500. Scenario I- NCI is measured using proportionate share Compute for the balances of the following: a) Goodwill b) Good Retained Earnings - January 1, 2022 c) Gain on extinguishment of Debt for the year ended December 31, 2022 d) Good Adjusted Profit for distribution for the year ended December 31, 2022 e) Consolidated Profit on December 31, 2022 f) Consolidated Total Asset as of December 31, 2022 g) Consolidated Total Liabilities as of December 31, 2022 h) Consolidated Retained Earnings as of December 31, 2022 i) Non-Controlling Interest as of December 31, 2022 Scenario II - NCI is measured using FV method. FV of NCI amounted to Php27.500. Compute for the balances of the following: a) Goodwill b) Good Adjusted Profit for distribution for the year ended December 31, 2022 C) Consolidated Profit on December 31, 2022 d) Consolidated Total Asset as of December 31, 2022 e) Consolidated Retained Earnings as of December 31, 2022 f) Non-Controlling Interest as of December 31, 2022On January 1, 2022,Shot Co. acquired 75% of Good Inc Information on acquisition date: Good tidentifiable assets have a carrying amount of Php70,000 and fair value Php100,000. The difference is due to the following: CA FV FV Adj. Inventory 25,000 37,000 12,000 Equipment - net 42,000 60,000 18,000 The remaining useful life of the equipment is 6 years. Information on year-end: Statement of Financial Position As of December 31, 2022 Shot Good ASSETS Cash 154,000 87,000 Accounts receivable 62,000 72,000 Inventory 87,000 50,000 Investments in Bonds (Cost) 42,000 Investment in Subsidiary (Cost) 82,500 Equipment, net 152,000 35,000 TOTAL ASSETS 579,500 244,000 LIABILITY AND EQUITY Accounts Payable 1 19,500 49,000 Bonds Payable 75,000 Total Liabilities 1 19,500 124,000 Ordinary Share Capital 170,000 40,000 Share Premium 65,000 10,000 Retained Earnings 225,000 70,000 Total Equity 460,000 120,000 TOTAL LIABILITIES & EQUITY 579,500 244,000