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ACCOUNTANCY / ADVANCED ACCOUNTING 2 / General / QUIZ 3 Business
Combination - Share Capital AcquisitionStarted onTuesday, 24
February 2015, 11:34 AM
StateFinished
Completed onTuesday, 24 February 2015, 1:16 PM
Time taken1 hour 42 mins
Grade31 out of 40 (78%)
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Top of FormQuestion 1CompleteMark 1 out of 1Remove flagQuestion
textOn January 1, 2014, CRC purchased 75% of the ordinary shares of
ACE. Separate statements of financial position of the two companies
are as follows:ACECRC
Fair ValueBook ValueBook Value
Cash 206,000 206,000 24,000
Accounts receivable 26,000 26,000 144,000
Inventory 60,000 38,000 132,000
Land 60,000 32,000 78,000
Plant assets 350,000 300,000 700,000
Accumulated Depreciation (60,000) (240,000)
Investment in Ace - 440,000
Total Assets 702,000 542,000 1,278,000
Accounts payable 142,000 142,000 206,000
Ordinary share 300,000 800,000
Retained earnings 100,000 272,000
Total liabilities and equity 142,000 542,000 1,278,000
On the consolidated statement of financial position immediately
after combination, Inventory will be reported atSelect one:a.
P192,000 b. P186,500 c. P170,000 d. P177,000 Question 2CompleteMark
0 out of 1Remove flagQuestion textIf JUNE acquires eighty percent
of the stock of JULY on January 1, 20X2, immediately after the
acquisitionSelect one:a. Consolidated retained earnings will be
equal to the combined retained earnings of the two companies b.
Goodwill will be reported in the consolidated balance sheet c.
JUNE's additional paid-in capital may be reduce to permit the carry
forward of JULY's retained earnings d. Consolidated retained
earnings and JUNE's retained earnings will be the same Question
3CompleteMark 1 out of 1Remove flagQuestion textDAKILA acquired a
70% interest in ULIRAN for P1.96 million when the fair value of
ULIRAN's identifiable net assets 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. ULIRAN's
current statement of financial position shows share capital of
P100,000, revaluation reserve of P300,000 and retained earnings of
P1,400,000.Under PFRS #3 on Business Combinations, what amount of
goodwill should be carried in DAKILA's consolidated statement of
financial position?Select one:a. P1,470,000 b. P1,260,000 c.
P700,000 d. P160,000 Question 4CompleteMark 1 out of 1Remove
flagQuestion textA newly acquired subsidiary has an existing
goodwill in its books of accounts. The parent company's
consolidated balance sheet willSelect one:a. not show any value for
the subsidiary's existing goodwill b. treat the goodwill the same
as other intangible assets of the acquired company c. will always
show the existing goodwill of the subsidiary at its book value d.
do an impairment test to see if any of it has been impaired
Question 5CompleteMark 1 out of 1Remove flagQuestion textWhat is a
push-down accounting?Select one:a. A subsidiary's recording of the
fair value allocations as well as subsequent amortization b. A
requirement that a subsidiary must use the same accounting
principles as a parent company c. Inventory transfers made from a
parent company to a subsidiary company d. The adjustment required
for consolidation when a parent has applied the equity method of
accounting for internal reporting purposes Question 6CompleteMark 1
out of 1Remove flagQuestion textThe Natural Company acquired eighty
percent of Material Company for a consideration transferred of P100
million. The consideration was estimated to include a control
premium of P24 million. Material Company's net assets were P85
million at the acquisition date. Are the following statements true
or false, with reference to IFRS #3 on Business
Combinations?Statement 1:Goodwill should be measured at P32 million
if the non-controlling interest is measured at its share of
Material Company's net assets.Statement 2:Goodwill should be
measured at P34 million if the non-controlling interest is measured
at fair value.Select one:a. Both statements are true b. Both
statements are false c. Statement 1 is true; Statement 2 is false
d. Statement 1 is false; Statement 2 is true Question 7CompleteMark
1 out of 1Remove flagQuestion textThe use ofpush-down accounting is
allowedin some specific situations. Push-down accounting results
inSelect one:a. reflecting fair values on the books of the
subsidiary entity b. goodwill being recorded in the books of
accounts of the parent company c. eliminating the retained earnings
in the subsidiary's books of accounts d. changing the consolidation
worksheet procedue because no adjustment is necessary to eliminate
the investment in subsidiary account Question 8CompleteMark 1 out
of 1Remove flagQuestion textIf an entity is not considered a
variable interest entity (VIE), the determination of consolidation
is based on whetherSelect one:a. one of the entities in the
consolidated group directly or indirectly has a controlling
financial interest (usually ownership of a majority voting
interest) in the other entities b. the equity investments or
investments in subordinated debt are at risk c. the voting rights
are proportional to the obligations to absorb expected losses or
receive expected residual returns d. the total equity at risk is
sufficient to permit the entity to finance its activities without
additional subordinated financial support from other parties
Question 9CompleteMark 1 out of 1Remove flagQuestion textWhich of
the following costs of a business combination can be included in
the value charged to paid-in capital in excess par?Select one:a.
Stock issue costs if stock is issued as a consideration b. direct
and indirect acquisition costs c. direct acquisition costs d.
direct acquisition costs and stock issue costs if stock is issued
as a consideration Question 10CompleteMark 1 out of 1Remove
flagQuestion textUnder the acquisition method, indirect costs
relating to acquisitions should beSelect one:a. expensed as
incurred b. included in the investment cost c. deducted from other
contributed capital d. disregarded Question 11CompleteMark 0 out of
1Remove flagQuestion textOn December 31, 2014, CPAR acquired one
hundred percent of RESA's ordinary share capital for P300,000.
Balance sheet information ofRESA prior to consolidation
follows:Cash and receivables 35,000
Inventory 75,000
Land 100,000
Building and equipment, net 220,000
Total assets 430,000
Accounts payable 65,000
Bonds payable 150,000
Ordinary share, P1 par 100,000
Retained earnings 115,000
Total liabilities and equity 430,000
At the date of consolidation, RESA's net assets approximated
fair value except for inventory which had a fair value of P60,000;
land which had a fair value of P125,000; and building and equipment
(net)which had a fair value of P250,000.On the consolidated
statement of financial position immediately following acquisition,
the "Investment in RESA share" reveals an amount equal toSelect
one:a. P0 b. P225,000 c. P300,000 d. P395,000 Question
12CompleteMark 1 out of 1Flag questionQuestion textWhich of the
following is a limitation of consolidated financial
statements?Select one:a. Consolidated statements of highly
diversified companies cannot be compared with industry standards b.
Consolidated statements provide no benefit for the shareholders and
creditors of the parent company c. Consolidated statements are
beneficial only when the consolidated companies operate within the
same industry d. Consolidated statements are beneficial only when
the consolidated companies operate in diversified industries
Question 13CompleteMark 0 out of 1Flag questionQuestion textAt
December 31, 2014, BARRON owned 90% of WILEY, a consolidated
subsidiary, and 20% of PEARSON, an investee in which BARRON cannot
exercise power. On the same date, BARRON had receivables of
P300,000 from WILEY and P200,000 for PEARSON. In the December 31,
2014 consolidated statement of financial position, BARRON should
report accounts receivable from its affiliates of:Select one:a.
P200,000 b. P230,000 c. P500,000 d. P340,000 Question
14CompleteMark 1 out of 1Remove flagQuestion textPresenting
consolidated financial statements this year when statements of
individual companies were presented last year isSelect one:a. An
accounting change that should be reported by restating the
financial statements of all prior periods presented b. A correction
of an error c. An accounting change that should be reported
prospectively d. Not an accounting change Question 15CompleteMark 0
out of 1Remove flagQuestion textOn January 2, 2011, the Statement
of Financial Position of APO and AKHRO prior to business
combination are as follows:
APOAKHRO
CashP600,000P20,000
Inventory400,00040,000
Property and Equipment1,000,000140,000
Total AssetsP2,000,000P200,000
Accounts PayableP120,000P20,000
Share Capital, P100 par200,00020,000
Additional Paid-in Capital600,00040,000
Retained Earnings1,080,000120,000
Total Liabilities and SHEP2,000,000P200,000
The fair value of AKHROs equipment is P236,000Assuming APO
acquired seventy-five percent of the outstanding ordinary shares of
AKHRO for P182,400 cash and Non-Controlling Interest is measured at
non-controlling interests proportionate share of AKHROs
identifiable net assets, how much is the consolidated shareholders
equity at date of acquisition?Select one:a. P1,880,000 b.
P1,949,000 c. P1,973,600 d. P1,949,600 Question 16CompleteMark 1
out of 1Remove flagQuestion textA majority-owned subsidiary that is
in legal reorganization should normally be accounted for
usingSelect one:a. The cost method b. The market value method c.
The equity method d. The consolidation method Question
17CompleteMark 1 out of 1Flag questionQuestion textLEE acquired
SARA on January 1, 2014 by issuing 13,000 ordinary shares with a
P10 par and a P23 market value. This transaction resulted in
recording P62,000 goodwill. LEE also agreed to compensate SARA's
former owners for any difference if LARA's share is worth less than
P23 a share on January 1, 2015.On January 1, 2015, LARA issues
additional 3,000 ordinary shares to SARA's former owners to honor
the contingent consideration agreement.Which of the following is
true?Select one:a. The fair value of the expected number of shares
to be issued for the contingency consideration increases the
goodwill account balance at the acquisition date b. The investment
account balance is not affected, but the Parent's additional
paid-in capital is reduced by the par value of the additional 3,000
shares when issued c. All of the subsidiary's assets and
liabilities accounts must be revalued for consolidation purposes
based on their fair values as of January 1, 2016 d. The additional
shares are assumed to have been issued on January 1, 2014 so that a
retrospective adjustment is required Question 18CompleteMark 1 out
of 1Flag questionQuestion textOn January 1, 2014, WATSON acquired
all of MERCURY's ordinary shares for P365,000 cash. On the same
date, MERCURY's accounts and normal balances appear as follows:Cash
and receivables 50,000
Inventories 80,000
Land 50,000
Plant assets, net 200,000
Current liabilities 30,000
Notes payable 50,000
Ordinary share, P1 par 100,000
Additional paid-in capital 150,000
Retained earnings 30,000
The fair values of all of MERCURY's assets and liabilities were
equal to their book values except for inventory which had a fair
value of P85,000; land which had a fair value of 60,000; and plant
assets that had a fair value of P250,000. Plant assets have a
remaining useful life of ten years with no residual value.WATSON
decided to employ push-down accounting for the acquisition of
MERCURY. Subsequent to the combination, MERCURY continued to
operate as a separate company.Based on the preceding
finformation,the write-up of plant assets willSelect one:a.
Decrease MERCURY's reported net income for 2014 by P5,000 b.
Increase MERCURY's reported net income for 2014 by P5,000 c.
Increase MERCURY's reported net income for 2014 by P50,000 d. Have
no effect on MERCURY's reported net income for 2014 Question
19CompleteMark 0 out of 1Remove flagQuestion textReasons that a
parent may pay more than the book value for the subsidiary
company's share include all of the following exceptSelect one:a.
stockholders' equity may be undervalued b. the fair value of one of
the subsidiary's assets may exceed its recorded value because of
appreciation c. the existence of unrecorded goodwill d. liabilities
may be overvalued Question 20CompleteMark 1 out of 1Remove
flagQuestion textOn December 31, 2014, RESA acquired one hundred
percent of CPAR's ordinary share capital for P300,000. Balance
sheet information of CPAR prior to consolidation follows:Cash and
receivables 35,000
Inventory 75,000
Land 100,000
Building and equipment, net 220,000
Total assets 430,000
Accounts payable 65,000
Bonds payable 150,000
Ordinary share, P1 par 100,000
Retained earnings 115,000
Total liabilities and equity 430,000
At the date of consolidation, CPAR's net assets approximated
fair value except for inventory which had a fair value of P60,000;
land which had a fair value of P125,000; and building and equipment
(net)which had a fair value of P250,000.What amount of inventory
will be presented on the consolidate statement of financial
position immediately following acquisition?Select one:a. P60,000 b.
P75,000 c. P15,000 d. P45,000 Question 21CompleteMark 0 out of
1Flag questionQuestion textOn January 1, 2014, PEDRO purchased 75%
of the outstanding ordinary shares of PETER.Accounts and balancesof
the two companies prior to combination are given
below:PEDROPETER
Cash 18,000 155,000
Receivables 108,000 20,000
Inventories 99,000 26,000
Land 60,000 24,000
Plant assets 525,000 225,000
Accumulated depreciation 180,000 45,000
Investment in Peter 330,000 -
Accounts payable 156,000 105,000
Share capital 600,000 225,000
Retained earnings 204,000 75,000
Assume accounts are in normal balances.The fair value of PETER's
accounts are:Cash 155,000
Receivables 20,000
Inventories 45,000
Land 45,000
Plant assets 300,000
Accounts payable 105,000
Immediately after combination, the consolidated financial
statements would report goodwill or gain based on fair value basis
atSelect one:a. (P25,000) b. P25,000 c. P20,000 d. (P20,000) e. P0
Question 22CompleteMark 1 out of 1Remove flagQuestion textWhich of
the following statements is correct?Select one:a. Consolidated
retained earnings do not include the noncontrolling interest's
claim on the subsidiary's retained earnings b. Foreign subsidiaries
do not need to be consolidated if they are reported as a separate
operating group under segment reporting c. The noncontrolling
shareholders' claim should be adjusted for changes in the fair
value of the subsidiary assets but should not include goodwill d.
Consolidation is expected any time the investor holds significant
influence over the investee Question 23CompleteMark 1 out of
1Remove flagQuestion textOn December 31, 2014, RESA acquired one
hundred percent of CPAR's ordinary share capital for P300,000.
Balance sheet information of CPAR prior to consolidation
follows:Cash and receivables 35,000
Inventory 75,000
Land 100,000
Building and equipment, net 220,000
Total assets 430,000
Accounts payable 65,000
Bonds payable 150,000
Ordinary share, P1 par 100,000
Retained earnings 115,000
Total liabilities and equity 430,000
At the date of consolidation, CPAR's net assets approximated
fair value except for inventory which had a fair value of P60,000;
land which had a fair value of P125,000; and building and equipment
(net)which had a fair value of P250,000.What amount of differential
will bereflected in a consolidation worksheet to prepare a
consolidatedstatement of financial position immediately after the
combination?Select one:a. P85,000 b. P45,000 c. P15,000 d. P0
Question 24CompleteMark 1 out of 1Remove flagQuestion textOn
December 31, 2014, CPAR acquired one hundred percent of RESA's
ordinary share capital for P300,000. Balance sheet information of
RESA prior to consolidation follows:Cash and receivables 35,000
Inventory 75,000
Land 100,000
Building and equipment, net 220,000
Total assets 430,000
Accounts payable 65,000
Bonds payable 150,000
Ordinary share, P1 par 100,000
Retained earnings 115,000
Total liabilities and equity 430,000
At the date of consolidation, RESA's net assets approximated
fair value except for inventory which had a fair value of P60,000;
land which had a fair value of P125,000; and building and equipment
(net)which had a fair value of P250,000.What amount of goodwill
will be presented on the consolidate statement of financial
position immediately following acquisition?Select one:a. P45,000 b.
P85,000 c. P15,000 d. P45,000 e. P30,000 Question 25CompleteMark 1
out of 1Remove flagQuestion textWhen it purchased TAMAD on January
1, 2013, MASIPAG issued 500,000 shares of its P5 par voting stock.
On that date, the fair value of those shares amounted to
P4,200,000. Relative to the acquisition, MASIPAG had payments to
the attorneys and accountants of P200,000, and stock issuance fees
of P100,000. Immediately before the purchase, the equity
sectionsTAMADMASIPAG
Ordinary share 700,000 4,000,000
Paid-in capital in excess of par value 900,000 7,500,000
Retained earnings 500,000 5,500,000
Immediately after the purchase, the consolidated statement of
financial position should report "paid-in capital in excess of par"
amounting toSelect one:a. P9,100,000 b. P8,900,000 c. P9,200,000 d.
P9,300,000 Question 26CompleteMark 1 out of 1Remove flagQuestion
textOn the consolidated balance sheet, consolidated shareholders'
equity isSelect one:a. equal to the parent's shareholders' equity
b. less than the parent's shareholders' equity c. greater than the
parent's shareholders' equity d. equal to the sum of the parent and
subsidiary shareholders' equity Question 27CompleteMark 1 out of
1Remove flagQuestion textThe following accounts and balances were
taken from the financial statements of PRC as of December 31,
2014Cash 100,000
Accounts receivable 200,000
Inventory 500,000
Property, plant and equipment, net 900,000
Current liabilities 300,000
Bonds payable 500,000
Ordinary share, P1 par 100,000
Paid-in capital in excess of par 200,000
Retained earnings 600,000
On December 31, 2014 BOA acquired all of PRC's outstanding
ordinary shares for P1,500,000 cash. On that date, the fair value
of PRC's inventories and property, plant and equipment were
P450,000 and P1,000,000, respectively. The fair values of all other
assets and liabilities of PRC were equal to their book values.On
the date of consolidation, the consolidated statement of financial
position should report goodwill amounting toSelect one:a. P550,000
b. P500,000 c. P600,000 d. P650,000 Question 28CompleteMark 0 out
of 1Remove flagQuestion textThe goal of the consolidation process
is forSelect one:a. Asset acquisitions and 100% stock acquisitions
to result in the same balance sheet b. Goodwill to appear on the
balance sheet of the consolidated entity c. The assets of the
noncontrolling interest to be predominantly displayed on the
balance sheet d. The investment in the subsidiary to be properly
valued on the consolidated balance sheet Question 29CompleteMark 1
out of 1Remove flagQuestion textPRTC bought 60% of CRPD's
outstanding stock in an acquisition that resulted in the
recognition of goodwill. CRPD owns a piece of land that cost
P200,000 but was worth P500,000 at the acquisition date. What value
should be attributed to this land in a consolidated balance sheet
at the date of takeover?Select one:a. P500,000 b. P380,000 c.
P120,000 d. P300,000 Question 30CompleteMark 1 out of 1Remove
flagQuestion textEliminating entries are made to cancel the effects
of intercompany transactions and are made on theSelect one:a.
Working paper for the consolidation of the financial statements b.
Books of the parent company c. Books of the subsidiary company d.
Books of both the parent and subsidiary companies Question
31CompleteMark 1 out of 1Remove flagQuestion textWhich of the
following statements is correct?Select one:a. Total assets reported
by the parent company generally will be less than the total assets
reported on the consolidate balance sheet b. The noncontrolling
shareholders' claim of the subsidiary's net assets is based on the
book value of the subsidiary's net assets c. Only the parent
company's portion of the difference between book value and fair
value of the subsidiary's net assets is assigned to those assets d.
Goodwill represents the differences between the book value of the
subsidiary's net assets and the amount paid by the parent to buy
ownership Question 32CompleteMark 1 out of 1Remove flagQuestion
textThe main evidence of control for purposes of consolidated
financial statements involvesSelect one:a. having decision-making
ability that is not shared with others b. posseesing majority
ownership c. being the sole shareholder d. having the parent
company and the subsidiary participate in the same industry
Question 33CompleteMark 1 out of 1Remove flagQuestion textThe IASB
has recommended that a parent company should consolidate the
financial statements of the subsidiary into its financial
statements when it exercises control over the subsidiary, even
without majority ownership. In which of the following situations
would control NOT be evident?Select one:a. Access to subsidiary
assets is available to all shareholders b. Dividend policy is set
by the parent c. The subsidiary does not determine compensation for
its main employees d. Substantially all cash flows of the
subsidiary flow to the controlling shareholders Question
34CompleteMark 1 out of 1Remove flagQuestion textWhich of the
following statements is the best theoretical justification for
consolidated financial statements?Select one:a. In form, the
companies are separate; in substance, they are one entity b. In
form, the companies are one entity; in substance they are separate
c. In form and substance, the companies are one entity d. In form
and substance, the companies are seperate Question 35CompleteMark 1
out of 1Remove flagQuestion textThe investment in a subsidiary
should be recorded on the parent's books at theSelect one:a. fair
value of the consideration given b. underlying book value of the
subsidiary's net assets c. fair value of the subsidiary's net
identifiable assets d. fair value of consideration given plus an
estimated value for goodwill Question 36CompleteMark 1 out of
1Remove flagQuestion textThe following accounts and balances were
taken from the financial statements of PRC as of December 31,
2014Cash 100,000
Accounts receivable 200,000
Inventory 500,000
Property, plant and equipment, net 900,000
Current liabilities 300,000
Bonds payable 500,000
Ordinary share, P1 par 100,000
Paid-in capital in excess of par 200,000
Retained earnings 600,000
On December 31, 2014 BOA acquired all of PRC's outstanding
ordinary shares for P1,500,000 cash. On that date, the fair value
of PRC's inventories and property, plant and equipment were
P450,000 and P1,000,000, respectively. The fair values of all other
assets and liabilities of PRC were equal to their book
values.Assuming that the unconsolidated statement of financial
position of BOA on December 31, 2014, reflected retained earnings
of P2,000,000, what amount of retained earnings should be shown on
the December 31, 2014 consolidated statement of financial position
of BOA and its subsidiary?Select one:a. P2,000,000 b. P2,600,000 c.
P2,800,000 d. P3,250,000 Question 37CompleteMark 0 out of 1Remove
flagQuestion textUGAK purchased 100% of the voting shares of UWAK
for P1,800,000. The following data are available:Book ValueFair
Value
Current assets 150,000 300,000
Land and building 280,000 280,000
Machinery 400,000 700,000
Bonds payable 300,000 250,000
Goodwill 150,000 ???
The bonds payable will appear on the consolidated statement of
financial positionSelect one:a. at P300,000 less Discount on Bonds
Payable of P50,000 b. at P300,000 c. at P300,000 less Premium on
Bonds Payable of P50,000 d. at P250,000 e. at P250,000 plus
Discount on Bonds Payable of P50,000 Question 38CompleteMark 0 out
of 1Remove flagQuestion textSAKRISTAN has 100,000 shares of P2 par
value ordinary share outstanding. SEMINARISTA acquired 30,000
shares of SAKRISTAN's shares on January 1, 2014 for P120,000 when
SAKRISTAN's net assets had a total fair value of P350,000. On July
1, 2017, SEMINARISTA bought additional 60,000 shares of SAKRISTAN's
shares from a single shareholder for P6 per share. Although
SAKRISTAN's shares were selling in the P5 range around July 1,
2017, SEMINARISTA forecasted that obtaining control of SAKRISTAN
would produce significant revenue synergies to justify the premium
price it paid. If SAKRISTAN's net identifiable assets had a fair
value of P500,000 on July 1, 2017, how much goodwill on full fair
value basis should SEMINARISTA report in its consolidated balance
sheet?Select one:a. P60,000 b. P0 c. P90,000 d. P100,000 Question
39CompleteMark 1 out of 1Flag questionQuestion textOn January 2,
2011, the Statement of Financial Position of APO and AKHRO prior to
business combination are as follows:
APOAKHRO
CashP600,000P20,000
Inventory400,00040,000
Property and Equipment1,000,000140,000
Total AssetsP2,000,000P200,000
Accounts PayableP120,000P20,000
Share Capital, P100 par200,00020,000
Additional Paid-in Capital600,00040,000
Retained Earnings1,080,000120,000
Total Liabilities and SHEP2,000,000P200,000
The fair value of AKHROs equipment is P236,000Assuming APO
acquired sixty percent of the outstanding ordinary shares of AKHRO
for P140,000 and Non-Controlling Interest is measured at fair value
of P100,000, how much is the goodwill (gain on acquisition)?Select
one:a. P25,600 b. (P25,600) c. P32,000 d. (P32,000) e. Some other
answer Question 40CompleteMark 1 out of 1Remove flagQuestion
textMALAYE acquired 70% of SINGE's ordinary shares on December 31,
2014. Statement of financial position of the two companies
immediately after combination follow:SINGEMALAYE
Cash 30,000 44,000
Accounts receivable 45,000 110,000
Inventory 70,000 130,000
Land 25,000 80,000
Plant assets 400,000 500,000
Accumulated Depreciation (165,000) (223,000)
Investment in Ace - 150,500
Total Assets 405,000 791,500
Accounts payable 28,000 61,500
Taxes payable 37,000 95,000
Bonds payable 200,000 280,000
Ordinary share 50,000 150,000
Retained earnings 90,000 205,000
Total liabilities and equity 405,000 791,500
At the date of business combination, the book values of SINGE's
net assets approximated fair value except for inventory which had a
fair value of P85,000; and land which had a fair value of P45,000.
The fair value of the noncontrolling interest was P64,500 on
December 31, 2014.On the consolidated statement of financial
position prepared immediately after the combination, the amount of
goodwill and total assets is (assuming fair value basis)Select
one:a. P40,000; P1,121,000 b. P28,000; P1,109,000 c. P40,000;
P1,109,000 d. P28,000; P1,121,000 e. P40,000; P1,231,500 Bottom of
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