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48. Assuming Perry Company acquired 80% of the outstanding ordinary share of Sassy Company for P273,600 excluding control premium of P36,000. Non-controlling interest is measured at fair value, how much is the total consolidated assets on the date of acquisition?

48. Assuming Perry Company acquired 80% of the outstanding ordinary share of Sassy Company for P273,600 excluding control premium of P36,000. Non-controlling interest is measured at fair value, how much is the total consolidated assets on the date of acquisition?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 2, 2019, the Statement of Financial Position of Perry and Sassy Company prior to the combination are: Perry Company Sassy Company P900,000 P30,000 Cash Inventories 600,000 60,000 Property and equipment (net) 1,500,000 210,000 Total Assets P3.000.000 P300.000 Current liabilities 180,000 30,000 Ordinary share, P100 par 300,000 30,000 Share premium 900,000 60,000 Retained Earnings 1,620,000 180,000 Total Liabilities and SHE P3.000.000 P300.000 The fair value of Sassy Company's equipment is P306,000 Assume the following independent cases (No.48 and 49): 48. Assuming Perry Company acquired 80% of the outstanding ordinary share of Sassy Company for P273,600 excluding control premium of P36,000. Non-controlling interest is measured at fair value, how much is the total consolidated assets on the date of acquisition? a. 3,412,800 c. 3,073,200 d. 3,103,200 b. 3,139,200 49. Assuming Perry Company acquired 90% of the outstanding shares of Sassy Company for P312,000 including control premium of P72,000 and non-controlling interest is measured at fair value, how much is the total consolidated stockholders equity on the date of acquisition? a. 2,837,400 c. 2,820,000 d. 3,090,000 b. 2,874,000
Transcribed Image Text:On January 2, 2019, the Statement of Financial Position of Perry and Sassy Company prior to the combination are: Perry Company Sassy Company P900,000 P30,000 Cash Inventories 600,000 60,000 Property and equipment (net) 1,500,000 210,000 Total Assets P3.000.000 P300.000 Current liabilities 180,000 30,000 Ordinary share, P100 par 300,000 30,000 Share premium 900,000 60,000 Retained Earnings 1,620,000 180,000 Total Liabilities and SHE P3.000.000 P300.000 The fair value of Sassy Company's equipment is P306,000 Assume the following independent cases (No.48 and 49): 48. Assuming Perry Company acquired 80% of the outstanding ordinary share of Sassy Company for P273,600 excluding control premium of P36,000. Non-controlling interest is measured at fair value, how much is the total consolidated assets on the date of acquisition? a. 3,412,800 c. 3,073,200 d. 3,103,200 b. 3,139,200 49. Assuming Perry Company acquired 90% of the outstanding shares of Sassy Company for P312,000 including control premium of P72,000 and non-controlling interest is measured at fair value, how much is the total consolidated stockholders equity on the date of acquisition? a. 2,837,400 c. 2,820,000 d. 3,090,000 b. 2,874,000
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