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Requirements: Use Partial Goodwill Approach

a. Working paper adjustments and eliminating entries for 20X1 and 20X2

b. Consolidated financial statement working paper at year-end for 20X1 and 20X2

On January 1, 20X1 LOL Corporation purchased 70% interest in SAS Corporation for P120,000, when its capital stock and retained earnings were P60,000 and P40,000 respectively. The assets and liabilities of SAS Company were fairly valued except for the plant and equipment which has a book value of P100,000 and a market value of P120,000 (with a remaining life of 5 years) and the inventories which has a book value of P30,000 and a market value of P40,000. The account balances of the parent and subsidiary as at December 31, 20X1 are as follows: LOL CORP SAS CORP Cash & Other CA P180,000 P 50,000 Inventory 30,000 Plant & Equip. (net) 390,000 100,000 Investments in Stocks, S Co. 120,000 Cost of Sales 110,000 80,000 Operating Expenses 45,000 25,000 Dividends Paid 20,000 12,000 Liabilities 71,600) 47,000) Capital Stock, P100 par 500,000) 60,000) Retained Earnings ( 65,000) 40,000) Sales (220,000) ( 150,000) Dividends Revenue 8.400) Total 0 P 0 Assume Impairment of goodwill at 10% in 20X1. Assume further that the account balances of the parent and subsidiary as at December 31, 20X2 are as follows: LOL CORP SAS CORP Cash & Other CA P229,000 P 96,000 Inventory 30,000 Plant & Equip. (net) 390,000 100,000 Investments in Stocks, S Co. 120,000 Cost of Sales 115,000 90,000 Operating Expenses 50,000 30,000 Dividends Paid 50,000 32,000 Liabilities ( 63,200) 60,000) Capital Stock, P100 par (500,000) 60,000 Retained Earnings (118,400) 73,000 Sales ( 250,000) 185,000) Dividends Revenue ( 22.400) Total P 0 P 0 Assume Impairment of goodwill for 20X2 is P800 Requirements: (Use Partial Goodwill Approach) a. Working paper adjustments and eliminating entries for 20X1 and 20X2 b. Consolidated financial statement working paper at year-end for 20X1 and 20X2