PP Corp. Acquires 8,000 shares of SS Corp. For P800,000 cash on December 1, 2021. The fair value of the non- controlling interest is assessed at P200,000. Just prior to acquisition, PP Corp and...

PP-SS

Extracted text: PP Corp. Acquires 8,000 shares of SS Corp. For P800,000 cash on December 1, 2021. The fair value of the non- controlling interest is assessed at P200,000. Just prior to acquisition, PP Corp and Subsidiary Corp. has the the following information: PP Corp. SS Corp (Book Value) Cash 900,000 20,000 Inventory Equipment Goodwill 500,000 280,000 600,000 400,000 100,000 Liabilities 400,000 250,000 Ordinary share, P5 par 800,000 50,000 Share Premium 500,000 130,000 Retained Earnings 300,000 370,000 The inventories of SS Corp. and PP Corp. has a fair value of P400,000 and P550,000 , respectively. The Equipment of SS Corp. Is understated by P100,000. Compute the Consolidated Equity.