On June 30, 2021, ZAYN Co. acquired 75,000 of LIAM Co.'s 100,000 outstanding shares with par value per share of P1 for P4 per share. At this time, LIAM Co.'s, shares have a quoted price of P3.50 per share and LIAM's retained earnings is P80,000. Additional information: •LIAM's total assets include land classified as investment property at a cost of P180,000. The land's fair values are P200,000 on acquisition date and P320,000 on June 30, 2023. LIAM uses the cost model for its investment properties. However, the group uses the fair value model. •On acquisition date, LIAM's building classified as property, plant, and equipment had a fair value of P30,000 in excess of its carrying amount. The building's remaining useful life is 5 years. The group uses the straight line method of depreciation. •The current accounts on June 30, 2023, include intercompany receivables and payables of P10,000. •An impairment test on June 30, 2023 concluded that goodwill is impaired by P20,000. •NCI is measured at fair value. •There are no subsequent changes in LIAM's outstanding shares. The June 30, 2023 individual financial statements of the entities show the following information: Zayn Co. Liam Co. Total Assets 1,000,000 500,000 Total Liabilities 200,000 120,000 Share Capital 300,000 100,000 Retained Earnings 500,000 280,000 Total Liabilities and Equity 1,000,000 500,000 What is the NCI on June 30, 2023?
On June 30, 2021, ZAYN Co. acquired 75,000 of LIAM Co.'s 100,000 outstanding shares with par value per share of P1 for P4 per share.
At this time, LIAM Co.'s, shares have a quoted price of P3.50 per share and LIAM's
Additional information:
•LIAM's total assets include land classified as investment property at a cost of P180,000. The land's fair values are P200,000 on acquisition date and P320,000 on June 30, 2023. LIAM uses the cost model for its investment properties. However, the group uses the fair value model.
•On acquisition date, LIAM's building classified as property, plant, and equipment had a fair value of P30,000 in excess of its carrying amount. The building's remaining useful life is 5 years. The group uses the
•The current accounts on June 30, 2023, include intercompany receivables and payables of P10,000.
•An impairment test on June 30, 2023 concluded that
•NCI is measured at fair value.
•There are no subsequent changes in LIAM's outstanding shares.
The June 30, 2023 individual financial statements of the entities show the following information:
| Zayn Co. | Liam Co. | |
| Total Assets | 1,000,000 | 500,000 |
| Total Liabilities | 200,000 | 120,000 |
| Share Capital | 300,000 | 100,000 |
| Retained Earnings | 500,000 | 280,000 |
| Total Liabilities and Equity | 1,000,000 | 500,000 |
What is the NCI on June 30, 2023?
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