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How much is the goodwill for saturday co

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Problem 1: On January 1, 2021, Saturday Co. acquires 80% of the outstanding voting shares of Sunny Co. Sunny's identifiable assets and liabilitie4s have fair value of P 3,400,000 and P 1,700,000, respectively. Relevant information follows: · Saturday Co. agrees to pay Sunny's former owners P 2,000,000 cash, half of which is to be paid on January 1, 2021, while the other half will be paid in five equal annual installments starting December 31, 20x1. The current market rate of interest on January 1, 2021 is 12% · Saturday also agrees to provide a technical know-how to be used in Sunny's operations after the business combination. The technical know-how has a fair value of P 200,000. · Saturday opts to measure the non-controlling interest at the NCI's proportionate share in Sunny's net identifiable assets. How much is the goodwill (gain on bargain purchase)?

Reference no: EM132726262

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