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Determine the current liabilities

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Question - On January 2, 2011, Polk borrowed P60,000 and used the proceeds to purchase 90% of the outstanding common shares of Strass. This debt is payable in ten equal annual principal payments, plus interest, beginning December 30, 2011. The excess cost of the investment over Strass' book value of acquired net assets should be allocated 60% to inventory and 40% to goodwill. On January 1, 2011, the fair value of Polk shares held by noncontrolling parties was P10,000. On Polk's January 2, 2011 consolidated balance sheet, determine the current liabilities?

Reference no: EM132964299

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