On May 1, 20x1, ABC Inc acquired most of the outstanding shares of XYZ Co for cash. The incomplete working paper elimination entries on that date for the consolidated statement of financial position of ABC Inc and its subsidiary are shown below: Stockholders' equity-XYZ 2,437,500 1,584,375 853,125 Investment in XYZ Non-controlling interest Inventories 62,500 312,500 61,250 Equipment Patent Goodwill Investment in XYZ 468,750 Non-controlling interest ? The purchase price of ABC Inc included a control premium of P68,750.

On May 1, 20x1, ABC Inc acquired most of the outstanding shares of XYZ Co for cash. The incomplete working paper elimination entries on that date for the consolidated statement of financial position of ABC Inc and its subsidiary are shown below: Stockholders' equity-XYZ 2,437,500 1,584,375 853,125 Investment in XYZ Non-controlling interest Inventories 62,500 312,500 61,250 Equipment Patent Goodwill Investment in XYZ 468,750 Non-controlling interest ? The purchase price of ABC Inc included a control premium of P68,750.

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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