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- If CARDO Co purchases the net assets of SYANO Co by issuing 5,000 shares of their P20 par valueshares with a fair value of P40 per share, incurs a mortgage loan for P90,000, pays P150,000 cash andpaying direct, indirect and stock issue costs of P75,000, P50,000 and P40,000 respective. REQUIREMENTS:A. GoodwillB. Consolidated Total Assets at the date of acquisitionPLEASE PROVIDE SOLUTIONOn January 1, 2022, Lucas Company acquired 85% of outstanding shares of Luna Corp. The consideration transferred includes cash payment of P2,000,000 and issuance of 50,000 shares with a market price of P45 per share. The book value of Luna Corp.’s identifiable net assets approximate its fair value, except for the following: Merchandise inventory’s fair value is lower than the book balance by 150,000. Equipment-A, with 2 years remaining useful life, costing P300,000 is understated by P50,000. Land with a fair value of P500,000 is recognized in the books amounting to P350,000. The following events happened to Luna Corp. Equipment-A was sold in June 30, 2023 for P320,000. 60% of merchandise inventory were sold in 2022. There is no movement as to the ordinary shares of Luna Corp during the year. The unadjusted trial balance as of December 31, 2022 were as follows: Lucas Company Luna Corp Cash 2,240,000 1,800,000 Trade…PROBLEM III. FNE Company (classified as SME) acquired 4,000 shares of the outstanding stock of HCYSYLM Company for P1,200,000 on January 1, 2019. FNE Company also paid P100,000 direct costs related to the combination. On this date, the stockholders' equity of HCYSYLM Company consisted of Capital Stock of P500,000 P100 par and Retained Earnings of P600,000. The carrying values of HCYSYLM Company's identifiable assets and liabilities are equal to their fair market values. At the end of the year, FNE Company reported net income of P300,000 and paid dividends of P250,000 while HCYSYLM Company reported net income of P200,000 and paid dividends of P10 per share. 1. The consolidated net income on December 31, 2019 is 2. The amount of Goodwill in the consolidated balance sheet is 3. The non-controlling interest in December 31, 2019 presented in the shareholders' equity of FNE is
- PROBLEM IV. On January 2, 2019, Klaus Company (qualified as SME) acquired 80% interest in Marcel Company for P4,125,000 cash. On this date, the outstanding ordinary share capital and accumulated profits of Klaus Company and Marcel Company are as follows: Klaus Marcel Ordinary share capital P 2,250,000 P 1,312,000 Share premium 1,750,000 Accumulated profits (losses) 5,520,000 3,187,500 There was no issuance of ordinary shares during the year. Fair value of the following assets of Marcel exceeded their book values as follows: Inventories, P210,000; Property and equipment (useful life, 10 years), P127,500. All other assets and liabilities are fairly valued. On December 31, 2019, the two companies reported the following operating results: Klaus Marcel Net income P 1,825,000 P 975,000 Dividends paid 525,000 262,500 1. Consolidated shareholders' equity reported in the consolidated statement of financial position on 12/31/191. P Company acquired 70% interest in S Company in 2019. S reported net income of P80,000 and P90,000 for 2019 and 2020 respectively. During 2019, S sold merchandise to P for P10,000 at a profit of P2,000. The merchandise was later resold by P to outsiders for P15,000 during 2020. For consolidation purposes, what is the non-controlling interest in net income of S for 2020? * Your answerIf CARDO Co purchases the net assets of SYANO Co by issuing 5,000 shares of their P10 par valueshares with a fair value of P20 per share, entered into a mortgage loan of P290,000 and paying directcost and stock issue cost of P50,000 and P20,000 respectively, a P25,000 direct cost and a P50,000indirect cost however remain unpaid. REQUIREMENTS:A. GoodwillB. Consolidated Total Liabilities at the date of acquisition
- Requirements 1. How much is the consolidated net income for 2022? 2. How much is the consolidated net income for 2023? 3. Using the proportionate method, how much is the non-controlling interest as December 31, 2023? Philippians Company purchased 60% of Seth Company on January 2, 2022 for P3,930,000 when Seth's book, value was P6,300,000. On that day, the market value of the net assets of Seth equaled their book values. with the following exceptions: Buildings Equipment Book value P1,850,000 300,000 Market value Remaining life P1,600,000 20 years 500,000 10 years Seth Company reported the following for 2022 and 2023: Net income (loss) Dividends P.750,000 150,000 2022 2023 P100,000 50,000Willow Ltd acquired 100% of Tree Ltd on 1 July 2020. At acquisition date, Tree Ltd had the following equity items: Retained earnings $52,000 Share capital 70,000 General Reserve 25,000 In the year following the acquisition, Tree Ltd paid a bonus share dividend of $22,000 out of pre-acquisition retained earnings. The following consolidation adjustment is needed in the consolidation worksheet for 30 June 2021: a. DR Shares in subsidiary $22,000 CR Share capital $22,000 b. DR Retained earnings $22,000 CR Share capital $22,000 c. DR Share capital $22,000 CR Bonus dividend paid $22,000 d. DR Bonus dividend paid $22,000 CR Share capital $22,0004. On January 1, 2022, Poppy Company acquires an 80% ownership interest in Seed Company, paying $2,000,000, which represents 80% of Seed's fair value. If a consolidated balance sheet were prepared immediately after this acquisition, at what amount would "NCI in Net Assets of Subsidiary" be reported? A. B. C. D. $250,000. $700,000. $500,000. $1,250,000.
- Purchase at More than Book Value Ramrod Manufacturing acquired all the assets and liabilities of Stafford Industries on January1 20X2, in exchange for 4,000 shares of Ramrod's $20 par value common stock. Balance sheet data for both companies just before the merger are given as follows: Stafford Industries Ramrod Manufacturing Book Value Fair Value Fair Value Balance Sheet Items Book Value $ 30,000 60,000 160,000 30,000 350,000 $ 30,000 60,000 100,000 40,000 400,000 (150,000) $ 480,000 $ 10,000 150,000 $ 70,000 100,000 200,000 50,000 600,000 (250,000) $770,000 70,000 100,000 375,000 80,000 540,000 Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation } $630,000 $ 10,000 145,000 Total Assets $1,165,000 Accounts Payable Bonds Payable Common Stock: $ 50,000 300,000 $ 50,000 310,000 200,000 $20 par value $5 par value Additional Paid-In Capital Retained Earnings 100,000 20,000 40,000 180,000 $770,000 200,000 $ 480,000 Total Liabilities & Equities %$4…On January 31, 2022, Parent Company purchased all the identifiable net assets of Sub Company by transferring cash of P1,200,000 and issuing 100,000 shares with par value of P20 and fair value of P32. Parent will pay additional amount depending on the net income achieved by Sub at year-end: Net Income @ year-end 50,000,000 Consideration to be transferred 1,000,000 2,000,000 3,000,000 Case 1 75,000,000 100,000,000 Book value of Parent and Sub at the date of acquisition were as follows: Parent 1,000,000 1,600,000 2,400,000 Sub 800,000 1,400,000 800,000 Cash Accounts receivable Inventory Buildings 5.000,000 10,000,000 2,800,000 5,800,000 1,000,000 1,200,000 800,000 Total assets Accounts payable Common stock, P2 par Share premium Retained earnings Total liabilities and equities 2,400,000 2,000,000 1,600,000 4,000,000 10,000,000 2,800,000 5,800,000 At the date of acquisition, Parent assessed that Sub will reach at least 60,000,000 of net income for 2022. Book value of the identifiable net…INVESTMENT IN ASSOCIATE 1. On January 1, 2021 Dona Company purchased 10% of another entity’s outstanding ordinary shares for P6,000,000. The investment classified as nonmarketable equity security and accounted for under the cost method. The following data pertain to investee’s operations for 2021 and 2022:2021 2022Net income 3,000,000 4,000,000Dividend paid none 9,000,000 What amount should Dona Company report as dividend income in its 2022 income statement?