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A Person Who Is Always Mad at You

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Submitted By vangie
Words 860
Pages 4
Consolidated Statement
Final Quiz

Boston and Celtics formed a business combination on January 1, 2008, when Boston acquired 80 percent interest in the common stock of Celtics for P580,000. At the date, the difference between fair values over the book values of interest acquired is allocated to the following assets.

|Inventories |20,000 |25% were still unsold year ended 2008. |
|Building |200,000 |20 years remaining life |
|Equipment |(100,000) |10 years remaining life |
|Machineries: | | |
|Machinery 307 |30,000 |5 years remaining life |
|Machinery 101 |50,000 |8 years remaining life |

: NCI fair value amounted to P200,000 on the date of acquisition.

| |Boston |Celtics |
| |Net Income |Dividends |Net income |Dividends |
|December 31, 2008 |128,000 |20,000 |60,000 |10,000 |
|December 31, 2009 |162,000 |30,000 |75,000 |15,000 |

Inter-company sales of inventory (Under FIFO)
|Year |Sold to |Sold from |Sales |Cost |Unsold |
|2008 |Boston |Celtics |240,800

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