How much is the non-controlling interest

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Question - Reading2 Company acquires 80% of Good2 Company for P500,000 on January 1, 20x8. Good2 reported capital stock of P300,000 and retained earnings of P250,000 on that day. An equipment with 5-year remaining life was undervalued by P50,000 and buildings with 10-year remaining life were overvalued by P20,000.  Any excess consideration transferred over fair value was attributable to goodwill.  Based on annual review, goodwill was impaired by P5,000 in 20x8 and additional P5,000 in 20x9. Good2 earns income and pays dividends as follows:

 

20x8

20x9

Net income

120,000

130,000

Dividends

50,000

60,000

Required - How much is the non-controlling interest under partial goodwill method in December 31, 20x9 consolidated financial statements?

Reference no: EM133188268

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