FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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ABC Corporation acquired 70 percent of XYZ Corporation on
August 1 for P420,000. On that date, XYZ Corporation had
the following book values and market values. What is the
amount of non-controlling interest on the acquisition date
consolidated balance sheet? *
Book Value
P40,000
170,000
Market Value
P40,000
230,000
700,000
Cash
Inventory
Plant Assets (net)
Cost of Goods Sold
620,000
220,000|
60,000
Depreciation Expense
Liabilities
(300,000)
(10,000)
(450,000)
(350,000)
(300,000)
Common Stock
Retained Earnings
Sales
Your answer
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Transcribed Image Text:ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ Corporation had the following book values and market values. What is the amount of non-controlling interest on the acquisition date consolidated balance sheet? * Book Value P40,000 170,000 Market Value P40,000 230,000 700,000 Cash Inventory Plant Assets (net) Cost of Goods Sold 620,000 220,000| 60,000 Depreciation Expense Liabilities (300,000) (10,000) (450,000) (350,000) (300,000) Common Stock Retained Earnings Sales Your answer
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