PROBLEM 2. On January 1, 2018, Inside Out Corporation had 30,000 ordinary shares of UP Company purchased at a total amount of P1,800,000, which includes directly attributable costs of P30,000. The shares were irrevocably designated to present changes in fair value through other comprehensive income. On December 31, 2018, the UP shares were selling at P65 per share. In July 2019, Inside Out Corporation received a 20% bonus issue. Subsequently, it sold 15,000 shares at P70 per share. Market value of UP ordinary at December: 2019 was P72 per share. What amount shall be reported in the 2019 Profit or Loss? (If loss input negative sign.)

On July 1, 2019, GAR Company acquired 800,000 shares of FAR Company at a price of P13 per share. GAR estimated that the price paid include P1.50 premium in order to gain control over FAR Company. On this date, the fair values of FAR Company’s identifiable assets and liabilities and their carrying values are given below:                                                      Book Value       Fair ValueCurrent assets                                 P2,000,000       P2,000,000Property, plant and equipment            9,000,000       11,000,000Liabilities                                        P3,000,000 Ordinary shares, P5 par                     5,000,000 Retained earnings                             3,000,000 Determine the amount of goodwill assuming the non-controlling interest is measured at the proportionate share in the net assets:

Need help. Accounting

PROBLEM IL. On January 1, 2019, William Corp. (qualifies as SME) paid cash of P600,000 for the 80% of the outstanding shares of Kate Company. The carrying value of the assets and liabilities of Kate on January 1, 2019 follow: Accounts Receivable P90,000 Inventory 180,000 Plant & Equipment (net of Accumulated Depreciation of P220,000) 320,000 Goodwill 100,000 Liabilities 120,000 On January 1, 2019, Kate inventory had a fair value of P150,000 and plant & equipment (net) had a fair value of P380,000. Cost of arranging the combination are as follows: legal fees for combination, P30,000; finder's fee, P50,000; other miscellaneous direct costs, P20,000. Net income of William and Kate for 2019 amounts to P158,000 and P60,000, respectively. William received dividend of P18,000 from Kate during 2019. The PPE has original useful life of 10 years and was already held for 4 years as of date of acquisition. 1. On December 31, 2019, what is the consolidated net income? 2. How much is the carrying…

6. On January 1, 2020, PQR Company purchased 40,000 shares of Frank, Inc. at P100 per share. The investment is measured at fair value through other comprehensive income. Brokerage fees amounted to P120,000 were also paid by PQR. A P5 dividend per share was declared by Frank, Inc. on December 15, 2019, to be paid on March 31, 2020 to shareholders of record on January 31, 2020. What is the initial measurement of the investment in Frank, Inc.?

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Blush Company has the ability to exercise significant when the fair value of net assets was P20,000,000. outstanding ordinary shares of an investee for P4,000,000 On July 1, 2020 Blush Company purchased 20% of the influence over the operating and financial policies of the investee. The following data concerning the investee are available: 12 months ended December 31, 2020 December 31, 2020 6 months ended Net income Dividend declared and paid 3,000,000 1,900,000 1,600,000 1,000,000 in the income statement for the year ended December 31, o020, what amount of income should be reported from the investment?

On January 1, 2021, AB Company purchased 15,000 shares of C Inc. for P25 per share. A total of P15,000 was incurred in relation to acquisition of these shares. These shares were acquired for short term fluctuation in profit. On July 31, 2021, 5,000 of these shares were sold at P30 per share. On October 31, 2021, a P4 per share dividend was declared to be distributed on January 31, 2022. And the remaining shares were quoted at P28 per share on December 31, 2021. How much is the total net amount reported in its profit or loss for the period ending December 31, 2021?

On December 31, 2021, the Bobo company presented the following information: Ordinary share capital, P50 par P6,000,000 Share premium 300,000 Retained earnings (1,200,000) The company decided to undergo quasi reorganization. As a result, the company’s property, plant and equipment with cost of P8,000,000 and book value of P4,000,000 has recoverable amount of P3,000,000. Also, inventory would be written down by P300,000. The company will redeem its P50 par value ordinary shares and will issue equal number of ordinary shares with P30 par value. Based on the foregoing, determine balance of share premium after the quasi reorganization.

On June 30, 2019, Cassiopeia purchased the following shares at a total cost of P3,600,000: Aquila Grus Indus Number of shares 50,000 100,000 200,000 Total fair value 450,000 1,350,000 1,800,000 At the end of the year, the fair values of the shares are as follows: Aquila Grus Indus P12 16 6 On June 30, 2020, Cassiopeia sold half of its holdings in Indus at P7.50 per share. Prepare the journal entries in the books of Cassiopeia given the following independent assumptions: 1. SEPARATE JOURNAL ENTRIES for shares classified as Financial Asset at Fair Value through Profit or Loss (P/L) & Fair Value through Other Comprehensive Income (OCI