The Season Co. acquired a 70% interest in the Aloha Inc. for P1,960,000 when the fair value of Aloha Inc's identifiable assets and liabilities was P700,000 and elected to measure the non-controlling interest at its share of the identifiable net assets. Annual impairment reviews of goodwill have not resulted in any impairment losses being recognized. Aloha Inc. 's current statement of financial position shows share capital of P100,000, a revaluation reserve of P300,000 and retained earnings of Php 1,400,000. Under IFRS 3, what figure in respect of goodwill should now be carried in Season's consolidated statement of financial position?

Q: Placid Lake Corporation acquired 70 percent of the outstanding voting stock of Scenic, Inc., on…

A: A business combination is a transaction in which a buyer takes over control of another company (the…

Q: On January 1, year 1, ABC Corporation purchased 80% of XYZ Corporation's P10 par common stock for…

A: Goodwill refers to excess of value of investment over the fair value of net assets of subsidiary…

Q: On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley…

A: Pushdown accounting is a practice of adjusting the subsidiaries financial statements to reflect the…

Q: Witch acquired 70% of the 200,000 equity shares of Wizard, its only subsidiary, on 1 April 20X8 when…

A: We have the following information: Witch acquired 70% of the 200,000 equity shares of Wizard…

Q: Sing Company, a 80% owned subsidiary of Paint Corp., reported net income of P1,500,000 and paid…

A: Calculation the amount of non-controlling interest in consolidatenet income of sing in year 1…

Q: On July 1, Zamora Inc. agreed to sell the assets of its Golfright Division to Benito Inc. for $71…

A: Once a division fulfills criteria to classify as a discontinued operation it shall be disclosed in…

Q: Placid Lake Corporation acquired 80 percent of the outstanding voting stock of Scenic, Inc., on…

A: Consolidate income: When the company is acquired by another company at the fixed percentage of ratio…

Q: Simple Company, a 70%-owned subsidiary of Punter Corporation, reported net income of P240,000 and…

A: Computation of the non-controlling interest in net income of simple is as follows:

Q: WebHelper Inc. acquired 100% of the outstanding stock of Silicon Chips Corporation (SCC) for $46.1…

A: Goodwill is determined as an excess of the cost of a company acquired over the fair value of its net…

Q: On January 1, year 1, ABC Corporation purchased 80% of XYZ Corporation's P10 par common stock for…

A: Goodwill refers to excess of value of investment over the fair value of net assets of subsidiary…

Q: Placid Lake Corporation acquired 70 percent of the outstanding voting stock of Scenic, Inc., on…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: On January 1, 20x1, ABC Company acquired 80% of XYZ Company's common stock for 275,000 cash. At that…

A: Net income:- Net income is also considered as the net earnings of the business that represents money…

Q: Placid Lake Corporation acquired 80 percent of the outstanding voting stock of Scenic, Inc., on…

A: Consolidated financial statements are a set of financial statements prepared for a group company…

Q: On July 19, 2021, SUNOB acquired 60% of the outstanding shares of YSAE. The business combination…

A: When Non controlling interest is measured at fair value them the resulting goodwill or gain on…

Q: Placid Lake Corporation acquired 70 percent of the outstanding voting stock of Scenic, Inc., on…

A: SOLUTION- WORKING NOTES- 1-RETAINED EARNING = 88000-64000 - (88000-64000) / 5…

Q: WebHelper Inc. acquired 100% of the outstanding stock of Silicon Chips Corporation (SCC) for $45…

A: Goodwill is determined as an excess of the cost of a company acquired over the fair value of its net…

Q: P Company acquired 90% of S Corporation on January 1, 2011, for $2,250,000. S Inc. had net assets at…

A: A stock exchange allows anybody to purchase and sell securities in order to grow their (financial)…

Q: On April 1, 2021, BBC Co. acquired a 30% stake in LTI Inc. for $ 100,000. This amount includes $…

A: Consolidated Income Statement: It can be referred to as an income statement prepared by the parent…

Q: Placid Lake Corporation acquired 80 percent of the outstanding voting stock of Scenic, Inc., on…

A: Disclaimer: As posted multiple sub parts questions we are answering first three sub parts only…

Q: On June 1, 2020, P Co. acquired 80% of the outstanding shares of s Co. at an amount P200,000 less…

A: SOLUTION WORKING NOTES-   1- PARTICULARS PARENT NCI NI-P 646285.71   DIVIDENDS RECEIVED…

Q: Paddle Company purchased in the open market 80% of the share capital of Saddle Company on January 1,…

A: To calculate the acquisition cost of investment, first we should calculate the net asset value on…

Q: Gino Company acquired 30% of ABC Corporations share for P8,000,000 on July 1, 2020. ABC…

A: 1. On 01.07.2020, Eddie company acquired shares of ABC company = 30% Purchase consideration =…

Q: Posada Company acquired 7,000 of the 10,000 outstanding shares of Sabathia Company on January 1,…

A: In the context of financial accounting, consolidation refers to the aggregation of financial…

Q: On June 30, 2016, Gab Company purchased 25% of the outstanding ordinary shares of IB Co. at a total…

A: As the question has more than 3 sub-parts, the first 3 subparts are answered. If you want the answer…

Q: The Lampard Company acquired a 70% interest in The Ohau Company for P1,960,000 when the fair value…

A: Goodwill =   Purchase Consideration + Fair Value of NCI - Net Identifiable Assets               =…

Q: Patrick Corporation acquired 100 percent of O’Brien Company’s outstanding common stock on January 1,…

A: Requirement 1:

Q: Placid Lake Corporation acquired 70 percent of the outstanding voting stock of Scenic, Inc., on…

A: Comment-  Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2019, in exchange for $342,000…

A: A business combination is a transaction in which a buyer takes over control of another company (the…

Q: What is the consolidated depreciation expense of equipment for the year ended December 31, 2010…

A: Depreciation expense is the portion of a fixed asset that is assumed to be used in the current…

Q: Ryan Limited acquired 80% of the shares in Tully Limited for $165 000. At acquisition date, share…

A: Goodwill under the full goodwill method is the difference between the amount paid as consideration…

Q: Plum Corporation acquired 80% of Slum Co. for P 5,000,000 on January 2, 2019. On this date, Slam Co.…

A:

Q: Placid Lake Corporation acquired 70 percent of the outstanding voting stock of Scenic, Inc., on…

A: 1. If the intra-entity sales were upstream, how would the consolidated net income be allocated to…

Q: Pie Corporation acquired 75 percent of Slice Company's ownership on January 1, 20X8, for $99,000. At…

A: Consolidation Accounting It is the method  to combine financial results of subsidiary companies into…

Q: Carnes Co. decided to use the partial equity method to account for its investment in Domino Corp. An…

A: Given in the question: Unamortized trademark = $30,000 Amortizing Years = 10years Earlier carnes co.…

Q: The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc.,…

A: Consolidated financial statements are a set of financial statements prepared for a group company…

Q: Parlor Company acquires 75% of Saloon Company's common stock for P225,000 cash. At that date, the…

A: Goodwill on Acquisition: This type of asset appears when a buyer buys a firm already in existence.…

Q: WebHelper Inc. acquired 100% of the outstanding stock of Silicon Chips Corporation (SCC) for $45…

A: Goodwill:Goodwill is an intangible asset. It is defined as the excess of cost of an acquired company…

Q: What is the amount of consolidated comprehensive income reported for 20x9? What is the amount of…

A:

Q: On May 28, 2016, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for…

A:

Q: Placid Lake Corporation acquired 80 percent of the outstanding voting stock of Scenic, Inc., on…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: On January 1, year 1, ABC Corporation purchased 80% of XYZ Corporation's P10 par common stock for…

A: The question is related to Business Combination. The details are as under  ABC Corporation Share in…

Q: Gino Company acquired 30% of ABC Corporations share for P8,000,000 on July 1, 2020. ABC…

A: As per the equity method, the investment is recognized at cost and thereafter the value changes as…

Q: On January 1, 20x1, ABET Co. purchased 25% interest in the ordinary shares of ENCOURAGE, Inc. for…

A: This question deals with the concept of calculating carrying value of investment and share in profit…

Q: On January 1, 20x8, Bristol Company acquired 80 percent of Animation Company's common stock for…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: ported net income of $320,000. Placid Lake declared $200,000 in dividends during this period; Scenic…

A: The f1 and f2 is given as,

Q: Mill Corporation acquired 100 percent ownership of Roller Company on January 1, 2018. At that date,…

A: Purchase consideration: $152,000 Book value of net assets acquired: $80,000 Balance sheet fair value…

Q: At the beginning of current year, Cinnamon Company purchased 40% of the ordinary shares of another…

A: Acquisition by a company shares of another entity is known as the acquisition of business or…

Q: On January 1, 2010, Ayala Corporation acquired 80% of ordinary shares of Globe Company at fair value…

A: Depreciation expense is the portion of a fixed asset that is assumed to be used in the current…

Q: Highpoint owns a 95 percent majority voting interest in Middlebury. In turn, Middlebury owns an 80…

A: Hey, since there are multiple sub-parts posted, we will answer the three sub-parts. If you want any…