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How much is the consolidated asset for 2022?

How much is the consolidated asset for 2022?

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 11E
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How much is the consolidated asset for 2022?

ABC acquired 70% of EFG on June 30, 2021. Based on EFG's acquisition-date fair value on intangible of P300,000 was recognized and is being amortized at the rate of P10,000 per year. The 2022 financial statements are as follows: АВС EFG Sales Cost of goods sold Operating Expenses Dividend Income 800,000 (535,000) (100,000) 35,000 200,000 600,000 (400,000) (100,000) Net Income 100,000 Retained Earnings, beg 1,300,000 200,000 (100,000) 1,400,000 850,000 100,000 (50,000) 900,000 Net Income Dividend Paid Retained Earnings, end Cash and Receivables Inventory Investment in EFG Fixed Assets Accumulated Depreciation Totals 400,000 298,000 300,000 700,000 902,000 1,000,000 (300,000) 2,300,000 600,000 (200,000) 1,400,000 Labilities 600,000 300,000 400,000 100,000 Ordinary Share Accumulated Profit 1,400,000 2,300,000 900,000 1,400,000 Totals ABC sold EFG inventory costing P72,000 during the last six months of 2021 for P120,000. At year-end 30% remained. ABC sells EFG inventory costing P200,000 during 2022 for P250,000. At year-end, 20% is left. Compute for Consolidated asset for 2022.
Transcribed Image Text:ABC acquired 70% of EFG on June 30, 2021. Based on EFG's acquisition-date fair value on intangible of P300,000 was recognized and is being amortized at the rate of P10,000 per year. The 2022 financial statements are as follows: АВС EFG Sales Cost of goods sold Operating Expenses Dividend Income 800,000 (535,000) (100,000) 35,000 200,000 600,000 (400,000) (100,000) Net Income 100,000 Retained Earnings, beg 1,300,000 200,000 (100,000) 1,400,000 850,000 100,000 (50,000) 900,000 Net Income Dividend Paid Retained Earnings, end Cash and Receivables Inventory Investment in EFG Fixed Assets Accumulated Depreciation Totals 400,000 298,000 300,000 700,000 902,000 1,000,000 (300,000) 2,300,000 600,000 (200,000) 1,400,000 Labilities 600,000 300,000 400,000 100,000 Ordinary Share Accumulated Profit 1,400,000 2,300,000 900,000 1,400,000 Totals ABC sold EFG inventory costing P72,000 during the last six months of 2021 for P120,000. At year-end 30% remained. ABC sells EFG inventory costing P200,000 during 2022 for P250,000. At year-end, 20% is left. Compute for Consolidated asset for 2022.
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