The Lampard Company acquired a 70% interest in The Ohau Company for P1,960,000 when the fair value of Ohau's identifiable assets and liabilities was P700,000 and elected to measure the noncontrolling interest at its share of the identifiable net assets. Annual impairment reviews of goodwill have not resulted in any impairment losses being recognized. Ohau's current statement of financial position shows share capital of P100,000, a revaluation reserve of P300,000 and retained earnings of P1,400,000. Under IFRS3 Business combinations, what figure in respect of goodwill should now be carried in Lampard's consolidated statement of financial position? P160,000 b. P700,000 c. P1,260,000 d. P1,470,000

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