Zosih Co. acquired 60% of the outstanding stocks of Bimbz for 156,000 cash. The book value of Bimbz net assets is P200,000. Bimbz only over or undervalued assets was a land that has a book value of 100,000 and current value of P170,000. How much is the goodwill or (gain on bargain purchase) to be reported in the consolidated statement of financial position?

Zosih Co. acquired 60% of the outstanding stocks of Bimbz for 156,000 cash. The book value of Bimbz net assets is P200,000. Bimbz only over or undervalued assets was a land that has a book value of 100,000 and current value of P170,000. How much is the goodwill or (gain on bargain purchase) to be reported in the consolidated statement of financial position?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter8: Consolidated Tax Returns

Section: Chapter Questions

Problem 36P

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