How much is the goodwill for silent co

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Reference no: EM132726265

Problem 1: Silent Co. acquires 80% controlling interest in Peaceful Co. for P 1,200,000. Peaceful Co.'s identifiable assets and liabilities have fair values of P 3,300,000 and P 1,700,000, respectively. Included in Peaceful's assets is a web press machine with fair value of P 900,000 which Silent Co. intends to sell immediately. The machine qualifies for classification as "held for sale". The costs to sell are P 150,000. Silent Co. opts to measure the non-controlling interest at fair value. How much is the goodwill? (Assume the fair value of the NCI is equal to the grossed-up value of the consideration transferred multiplied by the NCI percentage).

Reference no: EM132726265

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