Maynard Corporation reports net assets of P300,000 at book value. These assets have an estimated market value of P350,000. Jim Corporation buys 80% ownership of Maynard for P300,000; there is a control premium of P10,000 included in the purchase price. Of the Goodwill reported in the consolidated balance sheet (as of date of acquisition), how much is attributable to noncontrolling interest if NCI is measured at proportionate share?

Maynard Corporation reports net assets of P300,000 at book value. These assets have an estimated market value of P350,000. Jim Corporation buys 80% ownership of Maynard for P300,000; there is a control premium of P10,000 included in the purchase price. Of the Goodwill reported in the consolidated balance sheet (as of date of acquisition), how much is attributable to noncontrolling interest if NCI is measured at proportionate share?

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

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