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What is the initial measurement of noncontrolling interest

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Question - Entity A acquired 80,000 out of 100,000 outstanding ordinary shares of Entity B which enabled the former to obtain control of the latter at an acquisition price of P1,000,000. Entity A paid P100,000 acquisition related costs and P50,000 indirect costs of business combination.

At the date of acquisition, the net assets of Entity B are reported at P1,600,000. An asset of Entity B is overvalued by P60,000 while one liability is undervalued by P40,000.

1. What is the initial measurement of noncontrolling interest in net assets in the consolidated statement of financial position?

2. What is the goodwill or gain on bargain purchase arising from business combination?

Reference no: EM132974350

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