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Bulls Corporation holds assets with a fair value of P150,000 and a book value of P125,000 and liabilities with a book value and fair value of P50,000. What balance will be assigned to the non-controlling interest in the consolidated balance sheet if Miami Company pays P90,000 to acquire 75 percent ownership in Bulls and goodwill of P20,000 is reported?  50,000 40,000 30,000 20,000

Bulls Corporation holds assets with a fair value of P150,000 and a book value of P125,000 and liabilities with a book value and fair value of P50,000. What balance will be assigned to the non-controlling interest in the consolidated balance sheet if Miami Company pays P90,000 to acquire 75 percent ownership in Bulls and goodwill of P20,000 is reported?  50,000 40,000 30,000 20,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Bulls Corporation holds assets with a fair value of P150,000 and a book value of P125,000 and liabilities with a book value and fair value of P50,000. What balance will be assigned to the non-controlling interest in the consolidated balance sheet if Miami Company pays P90,000 to acquire 75 percent ownership in Bulls and goodwill of P20,000 is reported?  50,000 40,000 30,000 20,000
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