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- On January 1, 20x1, John Corp. acquired the identifiable net assets of Jose Corp. by paying cash of ₱1,500,000 and issuing 10,000 ordinary shares with par and fair value of ₱100 and ₱120 per share, respectively. The identifiable assets of Jose had book values of ₱3,200,000 and fair values of ₱4,000,000 and its liabilities have book values equal to its fair values amounting to ₱1,500,000. As per agreement, John Corp. agreed to pay additional amount equal to 20% of the 20x1 year-end profit that exceeds ₱500,000 on January 2, 20x2. On the date of acquisition Jon estimated that the fair value of contingent consideration is ₱15,000. Assume the actual profit of ABC on December 31, 20x1 is ₱600,000. What is the gain (loss) on extinguishment of contingent consideration liability.DDD Company issued its ordinary shares for the net assets of EEE Company in a business combination treated as acquisition. DDD’s ordinary share issued was worth P1,000,000. At the date of combination, DDD’s net assets had a book value of P1,200,000 and a fair value of P1,600,000. EEE’s net assets had a book value of P650,000 and a fair value of P800,000. Immediately following the combination, the net assets of the combined company should have been reported at what amount?On January 1, 20X1, P Company (PC) purchased 80% of the outstanding shares of S Company (SC) at thecost of P700,000. On that date, SC had P300,000 and P500,000 capital stock and retained earnings,respectively. The non-controlling interest (NCI) is measured on a fair-value basis.For 20X1, PC had a comprehensive income (CI) of P300,000 and paid dividends of P100,000. On the otherhand, SC reported a CI of P150,000 and paid dividends of P50,000. All of the assets and liabilities of SCompany had book values that approximately equal to their respective market values.On December 31, 20X1, PC sold a piece of equipment with a book value of P30,000 to SC for P25,000.The gain on the sale is included in the CI of PC indicated above. The equipment has a 10-year useful life.It has been used for the past five (5) years before the date of acquisition. Required:a. Prepare the journal entries that both companies should make for the year 20X1.b. Allocate the consolidated comprehensive income at the end…
- On June 1, 2020, SME A acquired 35% of the equity of entities X, Y, Z for P64,000 and P58,000 and P37,000, respectively, SME A has joint control over the strategic financial and operating decisions of entities X, Y and Z. Transaction costs of 5% of the purchase price of the shares were incurred by SME A. On December 31, 2020, Entity X declared dividends of P9,000 and Entity Y, P15,000 for the year 2020. These dividends are to be paid by X and Y in 2021. Entity Z declared and paid a dividend of P24,000 for the year ended 2020. For the year ended December, 31, 2020, entities X and Y recognized loss of P30,000 and P42,000. respectively. However, entity Z recognized a profit of P18,000 for that year. Published price quotations do not exist for the shares of X, Y and Z. Using appropriate valuation techniques, SME A determined the fair values of their investments in entities X, Y and Z at December 31, 2020 as P60,000, P65,000, and P49,000, respectively. Costs to sell are estimated at 9% of…XYZ Company merged into UUU Company on July 1, 2021. In exchange for the net assets at fair market value of XYZ Company amounting to P696,450, UUU, issued 68,000 ordinary shares at P9 par value with a market price of P12 per share. Out-of-pockets of the combination were as follows: Legal fees for the contract of business combination P35,600; Audit fee for SEC registration of stock issue P90,000; Printing costs of stock certificates P14,500; Broker’s fee P23,600; Accountant’s fee for pre-acquisition P80,000; Other indirect cost of acquisition P75,000; General and allocated expenses P43,000 and Listing fees in issuing new shares P36,000. XYZ will pay an additional cash consideration of P455,000 in the event that UUU’s net income will be equal or greater than P950,000 for the period ended December 31, 2021. At acquisition date, there is a high probability of reaching the target net income and the fair value of the additional consideration was determined to be P195,000. Actual net income…XYZ Company merged into UUU Company on July 1, 2021. In exchange for the net assets at fair market value of XYZ Company amounting to P696,450, UUU, issued 68,000 ordinary shares at P9 par value with a market price of P12 per share. Out-of-pockets of the combination were as follows: Legal fees for the contract of business combination P35,600; Audit fee for SEC registration of stock issue P90,000; Printing costs of stock certificates P14,500; Broker’s fee P23,600; Accountant’s fee for pre-acquisition P80,000; Other indirect cost of acquisition P75,000; General and allocated expenses P43,000 and Listing fees in issuing new shares P36,000. XYZ will pay an additional cash consideration of P455,000 in the event that UUU’s net income will be equal or greater than P950,000 for the period ended December 31, 2021. At acquisition date, there is a high probability of reaching the target net income and the fair value of the additional consideration was determined to be P195,000. Actual net income…
- Gera Corporation owns two financial investments in the shares of listed companies. Details of which are as follows: Investment 1 – Acquired on September 1, 2020, at a cost of P50,000 with a Fair value of P60,000 at year-end for the purpose of trading. Investment 2 - Acquired on August 1, 2020, at a cost of P25,000 to hold indefinitely. Its fair value at year-end is P20,000. What are the amounts to appear in the Statement of Comprehensive Income for the year ended September 30, 2020?The Elf Co. acquired a 60% interest in the Pea Co. when Pea's equity comprised share capital of P100,000 and retained earnings of P150,000. Pea's current statement of financial position shows share capital of P100,000, a revaluation reserve of P75,000 and retained earnings of P300,000. Under IAS 27, Consolidated and Separate Financial Statements, what amount in respect of the non-controlling interest should be included in Elf Co.'s consolidated statement of financial position?XYZ Company merged into UUU Company on July 1, 2021. In exchange for the netassets at fair market value of XYZ Company amounting to P696,450, UUU, issued68,000 ordinary shares at P9 par value with a market price of P12 per share. Outof-pockets of the combination were as follows: Legal fees for the contract ofbusiness combination P35,600; Audit fee for SEC registration of stock issueP90,000; Printing costs of stock certificates P14,500; Broker’s fee P23,600;Accountant’s fee for pre-acquisition P80,000; Other indirect cost of acquisitionP75,000; General and allocated expenses P43,000 and Listing fees in issuingnew shares P36,000. XYZ will pay an additional cash consideration of P455,000in the event that UUU’s net income will be equal or greater than P950,000 for theperiod ended December 31, 2021. At acquisition date, there is a high probabilityof reaching the target net income and the fair value of the additionalconsideration was determined to be P195,000. Actual net income for the…
- If PROMDI Co., a new company would acquire the net assets of CARDO Co and SYANO Co. PROMDI Co will be issuing 30,000 shares to CARDO and 12,000 shares to SYANO. The following is the balance sheet of PROMDI Co, followed by the fair values and additional unpaid costs incurred by PROMDI in the acquisition: REQUIREMENTS:A. GoodwillB. Consolidated Total Assets at the date of acquisitionC. Consolidated Total Liabilities at the date of acquisitionD. Consolidated Equity at the date of acquisitionDonut Inc. issued 20,000 common shares in exchange for all the outstanding shares of Munchkin Inc. On acquisition date, Munchkin Inc.’s net identifiable assets have carrying amount of P4,000,000 and fair value of P2,000,000. The transaction increased Donut Inc.’s share premium by P400,000; however, no goodwill resulted from the business combination. How much is the acquisition-date fair value per share of the common shares issued by Donut Inc.?* a. P 100 b. P 20 c. P 40 d. P 80XENON Company merged into URANIUM Company on July 1, 2021. In exchange for the net assets at fair market value of XENON Company amounting to P696,450, URANIUM, issued 68,000 ordinary shares at P9 par value with a market price of P12 per share. Out-of-pockets of the combination were as follows: Legal fees for the contract of business combination P35,600; Audit fee for SEC registration of stock issue P90,000; Printing costs of stock certificates P14,500; Broker’s fee P23,600; Accountant’s fee for pre-acquisition P80,000; Other indirect cost of acquisition P75,000; General and allocated expenses P43,000; Listing fees in issuing new shares P36,000. XENON will pay an additional cash consideration of P455,000 in the event that URANIUM’s net income will be equal or greater than P950,000 for the period ended December 31, 2021. At acquisition date, there is a high probability of reaching the target net income and the fair value of the additional consideration was determined to be P195,000.…