On June 1, 2020, P Co. acquired 80% of the outstanding shares of s Co. at an amount P200,000 less than the fair value of the net assets. On this date, the carrying value of the net assets of S Co. was P1,800,000 and its fair value was P2,000,000. attributable to inventories. P Co. opted to measure NCI at fair value. Selected financial data unsold at the end of the year. Another downstream sale was made for P1,190,000 of which 30% remains unsold at the end of the year. P Co. and S Co: used the same rate of markup on The difference is are available: P Co. P7,540,000 35,000 20% of sales (both company) S Co. P4,760,000 Sales, including intra-group sales Dividends received Expenses During the year, an upstream sale was made amounting to P602,000 of which 20% remains cost: 40% for all types of sales. Required: 1. The consolidated cost of sales at the Dec 31, 2020 amounted to: 2. The Non-controlling interest at December 31, 2020 amounted to:

On June 1, 2020, P Co. acquired 80% of the outstanding shares of s Co. at an amount P200,000 less than the fair value of the net assets. On this date, the carrying value of the net assets of S Co. was P1,800,000 and its fair value was P2,000,000. attributable to inventories. P Co. opted to measure NCI at fair value. Selected financial data unsold at the end of the year. Another downstream sale was made for P1,190,000 of which 30% remains unsold at the end of the year. P Co. and S Co: used the same rate of markup on The difference is are available: P Co. P7,540,000 35,000 20% of sales (both company) S Co. P4,760,000 Sales, including intra-group sales Dividends received Expenses During the year, an upstream sale was made amounting to P602,000 of which 20% remains cost: 40% for all types of sales. Required: 1. The consolidated cost of sales at the Dec 31, 2020 amounted to: 2. The Non-controlling interest at December 31, 2020 amounted to:

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

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