On January 1, 2021, Masaya Co. issued equity instruments in exchange for 75% interest in Lungkots Co. Lungkots Co.'s net identifiable assets have carrying amount and fair value of P300,000 and P360,000, respectively. The difference is attributable to a building with a remaining useful life of 6 years. The December 31, 2021 statements of profit or loss of Masaya Co. and Lungkots Co. are summarized below: Statements of profit or loss For the year ended December 31, 2021 Masaya Co. Lungkots Co. Revenues 1,200,000 480,000 Operating expenses Profit for the year (960,000) (400,000) 240,000 80,000

On January 1, 2021, Masaya Co. issued equity instruments in exchange for 75% interest in Lungkots Co. Lungkots Co.'s net identifiable assets have carrying amount and fair value of P300,000 and P360,000, respectively. The difference is attributable to a building with a remaining useful life of 6 years. The December 31, 2021 statements of profit or loss of Masaya Co. and Lungkots Co. are summarized below: Statements of profit or loss For the year ended December 31, 2021 Masaya Co. Lungkots Co. Revenues 1,200,000 480,000 Operating expenses Profit for the year (960,000) (400,000) 240,000 80,000

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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