P2,500,000 0 0 On April 1, 2022, POL Corp acquired 80% of the outstanding stocks of...

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P2,500,000 0 0 On April 1, 2022, POL Corp acquired 80% of the outstanding stocks of SOL Corp for All the assets of SOL were fairly valued except for its inventories which are overvalued by P90,000, Land which is undervalued by P50,000, and Patent which is undervalued by P125,000. The said patent has a remaining useful life of five years. Both companies use the straight line method for depreciation and amortization Shareholder's equity of POL Corp on December 31, 2022 is composed of: Common stock, P50 par P3,500,000 APIC P750,000 and Retained Earnings P2,460,000. 0 Goodwill, if any should be decreased by P22,500 at year end. No additional issuance of Capital sticks occurred. O SOL Corp's stockholder's equity at the end of 2022 were as follows: Common stock, P80 par P2,000,000, Additional paid in capital P500,000, and retained Earnings P750,000. The fair value of non-controlling interest is P685,000. For the two years ended. December 31, 2022 and 2023, POL Corp, and SOL Corp reported the following: Net income from own operations Dividends declared at year end POL CORP 2022 525,000 50,000 2023 550,000 35,000 SOL CORP 2022 485,000 (from date of acquisition ) 35,000 2023 520,000 50,000 On December 31, 2022, compute for: Req. 1: Non-controlling interest in net assets of subsidiary Req 2: Using the information in number 1, what is the amount of consolidated shareholder's equity? P2,500,000 0 0 On April 1, 2022, POL Corp acquired 80% of the outstanding stocks of SOL Corp for All the assets of SOL were fairly valued except for its inventories which are overvalued by P90,000, Land which is undervalued by P50,000, and Patent which is undervalued by P125,000. The said patent has a remaining useful life of five years. Both companies use the straight line method for depreciation and amortization Shareholder's equity of POL Corp on December 31, 2022 is composed of: Common stock, P50 par P3,500,000 APIC P750,000 and Retained Earnings P2,460,000. 0 Goodwill, if any should be decreased by P22,500 at year end. No additional issuance of Capital sticks occurred. O SOL Corp's stockholder's equity at the end of 2022 were as follows: Common stock, P80 par P2,000,000, Additional paid in capital P500,000, and retained Earnings P750,000. The fair value of non-controlling interest is P685,000. For the two years ended. December 31, 2022 and 2023, POL Corp, and SOL Corp reported the following: Net income from own operations Dividends declared at year end POL CORP 2022 525,000 50,000 2023 550,000 35,000 SOL CORP 2022 485,000 (from date of acquisition ) 35,000 2023 520,000 50,000 On December 31, 2022, compute for: Req. 1: Non-controlling interest in net assets of subsidiary Req 2: Using the information in number 1, what is the amount of consolidated shareholder's equity?

Answer rating: 100% (QA)

Calculate the noncontrolling interest in the net assets of the subsidiary SOL Corp as of December 31 ... View the full answer