Answered: NCI in the consolidated FS for the year…

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, Peace Co. acquired 80% of the outstanding common stock of Shade Co. for ₱1,344,000 with no goodwill resulting from the acquisition. The following selected account balances were taken from the accounting records of Shade Co.

	BV	FV
Building	12,000,000	12,400,000
Machinery	620,000	500,000

The building has an estimated useful life of 10 years and the equipment is expected to last for 5 years. For the year 2019, Peace Co. reported net income from own operations of ₱2,240,000 and Shade Co. reported ₱600,000 net income from own operations. Peace Co. accounts its investment in Shade Co. using the cost method.

NCI in the consolidated FS for the year 2019.

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