YSL Corporation acquired 80% of the outstanding ordinary shares of GBX Company on June 1, 2022 for P586,250. GBX Company's shareholder's equity components at the end of this year were as follows: Ordinary shares, P100 par, 250,000; Share premium, P112,500 and Retained. earnings, P222,500.
YSL Corporation acquired 80% of the outstanding ordinary shares of GBX Company on June 1, 2022 for P586,250. GBX Company's shareholder's equity components at the end of this year were as follows: Ordinary shares, P100 par, 250,000; Share premium, P112,500 and Retained. earnings, P222,500.
Non-controlling interest (NCl) is measured at fair value. All the assets of GBX were fairly valued, except for inventories, which is overstated by P11,000 and equipment, which is understated by 15,000, Remaining useful life of equipment is 4 years. Both companies use
Shareholder's equity of YSL on January 1, 2022 is composed of Ordinary shares, P750,000; Share premium, P175,000 and
Fair value of NCI on the date of acquisition is P117,500.
1. What is the amount of non-controlling interest in net assets of GBX Company as of 12/31/2022? (Round off answers to 2 decimal places.)
2. What is the amount of the consolidated equity at the end of the year?
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