How much is the consolidated asset for 2022? Transcribed Image Text: ABC acquired 70% of EFG on June 30, 2021. Based on EFG’s acquisition-date fair value on intangible of
P300,000 was recognized and is being amortized at the rate of P10,000 per year. The 2022 financial
statements are as follows:
АВС
EFG
Sales
Cost of goods sold
Operating Expenses
Dividend Income
800,000
(535,000)
(100,000)
35,000
200,000
600,000
(400,000)
(100,000)
Net Income
100,000
Retained Earnings, beg
1,300,000
200,000
(100,000)
1,400,000
850,000
100,000
(50,000)
900,000
Net Income
Dividend Paid
Retained Earnings, end
Cash and Receivables
Inventory
Investment in EFG
Fixed Assets
Accumulated Depreciation
Totals
400,000
298,000
300,000
700,000
902,000
1,000,000
(300,000)
2,300,000
600,000
(200,000)
1,400,000
Labilities
600,000
300,000
400,000
100,000
Ordinary Share
Accumulated Profit
1,400,000
2,300,000
900,000
1,400,000
Totals
ABC sold EFG inventory costing P72,000 during the last six months of 2021 for P120,000. At year-end
30% remained. ABC sells EFG inventory costing P200,000 during 2022 for P250,000. At year-end, 20% is
left. Compute for Consolidated asset for 2022.
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