ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ Corporation had the following book values and market values. What is the amount of non-controlling interest on the acquisition date consolidated balance sheet? * Book Value P40,000 170,000 Market Value P40,000 230,000 700,000 Cash Inventory Plant Assets (net) 620,000 220,000| 60,000 Cost of Goods Sold Depreciation Expense Liabilities (300,000) (300,000) (10,000) (450,000) (350,000) Common Stock Retained Earnings Sales Your answer

ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ Corporation had the following book values and market values. What is the amount of non-controlling interest on the acquisition date consolidated balance sheet? * Book Value P40,000 170,000 Market Value P40,000 230,000 700,000 Cash Inventory Plant Assets (net) 620,000 220,000| 60,000 Cost of Goods Sold Depreciation Expense Liabilities (300,000) (300,000) (10,000) (450,000) (350,000) Common Stock Retained Earnings Sales Your answer

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA2: Investments

Section: Chapter Questions

Problem 30E

See similar textbooks

Similar questions

ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ Corporation had the following book values and market values. What is the amount of purchase differential recognized on the acquisition date consolidated balance sheet with respect to plant assets. *In good accounting form, please. Thank you!
ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ Corporation had the following book values and market values. What is the amount of non-controlling interest on the acquisition date consolidated balance sheet? In good accounting form, please. Thank you! <33
Amazon acquired 100 percent of Ferries for P275,000. At the date of acquisition, Ferries had the following book and market values: (see information below) What amount of pre-acquisition earnings is eliminated in the acquisition date worksheet elimination? Book value Market value Cash and Receivables 90,000 90,000 Inventory 100,000 100,000 Plant assets (net) 220,000 300,000 Current liabilities (45,000) (45,000) Long-term debt (114,000) (114,000) Common stock (10,000) Retained earnings (170,000)
ABC Corporation acquired 80 percent of XYZ Corporation on August 1 for P500,000. On that date, XYZ Corporation had the following book values and market values. What is the amount of non controlling interest on the acquisition date consolidated balance sheet?
Amazon acquired 100 percent of Ferries for P275,000. At the date of acquisition, Ferries had the following book and market values: (see information below) What is the amount of the “Investment in Ferries” account on Amazon’s financial records at the acquisition date? Book value Market value Cash and Receivables 90,000 90,000 Inventory 100,000 100,000 Plant assets (net) 220,000 300,000 Current liabilities (45,000) (45,000) Long-term debt (114,000) (114,000) Common stock (10,000) Retained earnings (170,000)
Amazon acquired 100 percent of Ferries for P275,000. At the date of acquisition, Ferries had the following book and market values: (see information below) C purchases 80 percent of D. At the date of acquisition, D has revenue of P250,000 and expenses of P170,000. What amount of pre-acquisition earnings will be created on the consolidated income statement at the acquisition date? Book value Market value Cash and Receivables 90,000 90,000 Inventory 100,000 100,000 Plant assets (net) 220,000 300,000 Current liabilities (45,000) (45,000) Long-term debt (114,000) (114,000) Common stock (10,000) Retained earnings (170,000)
S acquired 100 percent of F for P275,000. At the date of acquisition, F had the following book and market values: (see image below) What is the amount of the “Investment in F” account on S’s financial records at the acquisition date?
S acquired 100 percent of F for P275,000. At the date of acquisition, F had the following book and market values: (see image below) What is the amount of the “Investment in F” account on S’s financial records at the acquisition date? What amount of pre-acquisition earnings is eliminated in the acquisition date worksheet elimination? Please answer in good accounting form. Thank you!
Gino Company acquired 30% of ABC Corporations share for P8,000,000 on July 1, 2020. ABCCorporation’s identifiable net assets on the date of acquisition are P20,000,000. Gino believes thatthe investee has known goodwill and the fair value of the corporation's net assets is the same as itscarrying amount except for the following: a. Equipment is undervalued by P2,000,000.b. Inventory’s fair value is P2,000,000 greater than its carrying amount. The equipment has a remaining life of 4 years and depreciated using the straight-line method. At theend of 2020, all inventories at the acquisition date are entirely sold.On November 30, ABC Corporation pays a P2,000,000 dividend to its shareholders. During the year,ABC Corporation reported a net income of P5,000,000, 40% of these were earned in the first half ofthe year. The fair value of ABC Corporation's shares held by Gino at the end of 2020 is P8,250,000.Requirements:1. Prepare the necessary journal entries to record the above transactions.2.…