On January 1, 2022, P Company acquired 80% of S Company for P2,000,000. The fair value of
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On January 1, 2022, P Company acquired 80% of S Company for P2,000,000. The fair value of identifiable net assets is P1,800,000. NCI is measured at fair value. In 2022, P Company ships merchandise to S Company costing P800, 000 at 25% above cost. Additional data are as follows:
P Company | S Company | |
Sales | 5,500,000 | 2,500,000 |
Cost of Sales | 3,200,000 | 1,600,000 |
Operating Expense | 650,000 | 300,000 |
The ending inventories of S Company include merchandise from P Company amounting to P50,000. Impairment of goodwill is P20,000.
- Consolidated cost of sales is reported at______________________________.
- The net income attributable to parent is______________________________.
- How much is the consolidated gross profit____________________________.
Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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