On January 07, 2022, Ian Co., acquired 35% interest in Mark Co., for P4,300,000. Ian already held a 20% interest which had been acquired for P1,600,000 which was valued at P1,800,000 at January 07, 2022. The fair value of the identifiable net assets of Mark Co., was P8,400,000. The fair value of NCI is P4,050,000.

 

How much goodwill is to be recorded on the separate books of Ian Co.?

Answer rating: 100% (QA)

First we need to determine the total fair value of Mark Co by using the partial equity method Total ... View the full answer