Parlor Company acquires 75% of Saloon Company's common stock for P225,000 cash. At that date, the non-controlling interest in Saloon has a book value of P52,500 and a fair value of P72,000. Also on that date, Saloon reports identifiable assets with a book value of P400,000 and a fair value of P510,000 and it has liabilities with a book value and a fair value of P190,000. Goodwill or (Gain on bargain purchase) arising on consolidation if fair value of net identifiable assets is to be valued on the full (fair value) basis?

On December 31, Phoenix Corporation acquired all of Sedona Corporation’s voting stock in exchange for $560,000 cash. At the acquisition date, the fair values of Sedona’s assets and liabilities equaled their carrying values, except that the fair value of the inventory was $20,000 lower than the carrying value, the fair value of the equipment was $50,000 higher than the carrying value, and the fair value of the long-term debt was $4,000 lower than the carrying value.   The separate condensed balance sheets of the two companies immediately after the acquisition (on 12/31) are as follows:                                                                                  Phoenix   Sedona          Cash                                                            $ 90,000   $   60,000          Accounts receivable                                    130,000   25,000          Inventory                                                    160,000   70,000          Plant and equipment (net)…