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KK Company acquires 75% of PP company for P750,000. The company implied fair value is...

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Accounting

KK Company acquires 75% of PP company for P750,000. The company implied fair value is P970,000. If the fair value of PP's net assets on the date of acquisition is P800,000 with a carrying value of P600,000, determine the ff:

a. Amount of goodwill (gain) arising from consolidation

b. Amount of non-controlling interest from consolidation

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