Scenario: P Co decreases ownership interest in X Co from 95% to 70% Required Determine the amounts

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Scenario: P Co decreases ownership interest in X Co from 95% to 70%

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Required
Determine the amounts of the following items (if any) arising at the date of the most recent transaction in each scenario:
1. New goodwill 2. Effects that are taken to the Income Statement

(a) Remeasurement gain or loss

(b) Profit or loss on sale of investment 3. Equity effects that are not taken to the Income Statement

(a) Profit or loss arising from changes in ownership

(b) Changes in non-controlling interests

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