Question
The January 1, 2021 statement of financial position of S Company at book value and market value are as follows: Book value ------------- Fair value
The January 1, 2021 statement of financial position of S Company at book value and market value are as follows: Book value ------------- Fair value Current assets 800,000 ------------------- 750,000 Property and equipment (net) 900,000 ------------------ 1,000,000 Current liabilities 300,000 -------------------- 300,000 Long-term liabilities 500,000 -------------------- 460,000 Common stock, P1 par 100,000 Additional paid-in capital 200,000 Retained earnings 600,000 P Company paid P950,000 in cash for 90% of S Company's common stock. In the consolidated statement of financial position on the date of acquisition, compute for the following?
Goodwill:
Non controlling interest:
What amount of total assets will be reported?
What amount of non-controlling interest will be reported?
What amount of consolidated retained earnings will be reported?
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