On January 2, 2021. PABC corporation acquired 75% of the outstanding ordinary shares of SDEF Company for P513,000 cash, excluding direct acquisition costs. The investment was accounted for by the cost method. On January 2, 2021, SDEF’s identifiable net assets (book value and fair value) were P570,000. SDEF’s net income for the year ended December 31, 2021 was P304,000. During 2021, PABC received P21,600 cash dividends from SDEF. There were no other inter-company transactions. The balance of the Non-controlling interest in Net assets of subsidiary account on December 31, 2021 is?
On January 2, 2021. PABC corporation acquired 75% of the outstanding ordinary shares of SDEF Company for P513,000 cash, excluding direct acquisition costs. The investment was accounted for by the cost method. On January 2, 2021, SDEF’s identifiable net assets (book value and fair value) were P570,000. SDEF’s net income for the year ended December 31, 2021 was P304,000. During 2021, PABC received P21,600 cash dividends from SDEF. There were no other inter-company transactions. The balance of the Non-controlling interest in Net assets of subsidiary account on December 31, 2021 is?
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
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 19E
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On January 2, 2021. PABC corporation acquired 75% of the outstanding ordinary shares of SDEF Company for P513,000 cash, excluding direct acquisition costs. The investment was accounted for by the cost method. On January 2, 2021, SDEF’s identifiable net assets (book value and fair value) were P570,000. SDEF’s net income for the year ended December 31, 2021 was P304,000. During 2021, PABC received P21,600 cash dividends from SDEF. There were no other inter-company transactions. The balance of the Non-controlling interest in Net assets of subsidiary account on December 31, 2021 is?
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