6. How much is the consolidated total assets as of January 1, 2022?7. The total consolidates shareholder's equity as of January 1, 2022? 8. How much is the consolidated net income for 2022? Ans: 896,0009. How much is the consolidated total assets as of December 31, 2022? 10. How much is the consolidated total shareholders' equity as of December 31, 2022?

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On January 1, 2022, A Corp. acquired 80% interest in X Corp. by issuing 16,000 shares with fair value of P60 per share and par value of P40 per share. The financial statement s of A Corp. and X Corp. on the acquisition date are shown below: Cash Accounts receivable Inventory Equipment Accumulated Depreciation Total assets Accounts payable Bonds payable Ordinary share Share premium Retained earnings Total liabilities & equity A Book values 128,000 384,000 512,000 2,560,000 (256,000) 3,328,000 256,000 384,000 1,536,000 512,000 640,000 3,328,000 X Book values 64,000 153,600 294,400 640,000 (128,000) 1,024,000 76,800 640,000 307,200 1,024,000 Fair values 64,000 153,600 396,800 768,000 (153,600) 1,228,800 76,800 A Corp. elects to measure NCI as its proportionate share in X net identifiable assets. The equipment has a remaining useful life of 4 years from January 1, 2022. On January 1, 2022, A Corp. acquired 80% interest in X Corp. by issuing 16,000 shares with fair value of P60 per share and par value of P40 per share. The financial statement s of A Corp. and X Corp. on the acquisition date are shown below: Cash Accounts receivable Inventory Equipment Accumulated Depreciation Total assets Accounts payable Bonds payable Ordinary share Share premium Retained earnings Total liabilities & equity A Book values 128,000 384,000 512,000 2,560,000 (256,000) 3,328,000 256,000 384,000 1,536,000 512,000 640,000 3,328,000 X Book values 64,000 153,600 294,400 640,000 (128,000) 1,024,000 76,800 640,000 307,200 1,024,000 Fair values 64,000 153,600 396,800 768,000 (153,600) 1,228,800 76,800 A Corp. elects to measure NCI as its proportionate share in X net identifiable assets. The equipment has a remaining useful life of 4 years from January 1, 2022.

Answer rating: 100% (QA)

To compute the consolidated total assets and shareholders equity as of January 1 2022 we have to combine the book values of A Corp with the fair values of X Corp since A Corp acquired 80 interest in X ... View the full answer