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  3. press company acquires 15% of secretary company's

Press Company acquires 15% of Secretary Company's common stock for P600,000 cash and carries theinvestment...

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Accounting

Press Company acquires 15% of Secretary Company's common stock for P600,000 cash and carries theinvestment using the cost model. A few months later, Press purchases another 60% of SecretaryCompany's stock for P2,592,000. At that date, Secretary Company reports identifiable assets with a bookvalue of P4,680,000 and a fair value of P6,120,000, and it has liabilities with a book value and fair valueof P2,280,000. The fair value of the 25% non-controlling interest in Secretary Company is P1,080,000.

1. Determine the goodwill (at full fair value)

2. Determine the Non-controlling interest (at full fair value).

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