On January 1, 2022,Shot Co. acquired 75% of Good Inc Information on acquisition date: Good tidentifiable...

 

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On January 1, 2022,Shot Co. acquired 75% of Good Inc Information on acquisition date: Good tidentifiable assets have a carrying amount of Php70,000 and fair value Php100,000. The difference is due to the following: CA FV FV Adj. Inventory 25,000 37,000 12,000 Equipment net 42,000 60,000 18,000 The remaining useful life of the equipment is 6 years. Information on year-end: Statement of Financial Position As of December 31, 2022 Shot Good ASSETS Cash 154,000 87,000 Accounts receivable 62,000 72,000 Inventory 87,000 50,000 Investments in Bonds (Cost) 42,000 Investment in Subsidiary (Cost) 82,500 Equipment, net 152,000 35,000 TOTAL ASSETS 579,500 244,000 LIABILITY AND EQUITY Accounts Payable 119,500 49,000 Bonds Payable 75,000 Total Liabilities 119,500 124,000 Ordinary Share Capital 170,000 40,000 Share Premium 65,000 10,000 Retained Earnings 225,000 70,000 Total Equity 460,000 120,000 TOTAL LIABILITIES & EQUITY 579,500 244,000 On January 1, 2022,Shot Co. acquired 75% of Good Inc Information on acquisition date: Good tidentifiable assets have a carrying amount of Php70,000 and fair value Php100,000. The difference is due to the following: CA FV FV Adj. Inventory 25,000 37,000 12,000 Equipment net 42,000 60,000 18,000 The remaining useful life of the equipment is 6 years. Information on year-end: Statement of Financial Position As of December 31, 2022 Shot Good ASSETS Cash 154,000 87,000 Accounts receivable 62,000 72,000 Inventory 87,000 50,000 Investments in Bonds (Cost) 42,000 Investment in Subsidiary (Cost) 82,500 Equipment, net 152,000 35,000 TOTAL ASSETS 579,500 244,000 LIABILITY AND EQUITY Accounts Payable 119,500 49,000 Bonds Payable 75,000 Total Liabilities 119,500 124,000 Ordinary Share Capital 170,000 40,000 Share Premium 65,000 10,000 Retained Earnings 225,000 70,000 Total Equity 460,000 120,000 TOTAL LIABILITIES & EQUITY 579,500 244,000

Answer rating: 100% (QA)

Answer To calculate the noncontrolling interest in Good Inc as of December 31 2022 we need to first ... View the full answer