Corporation acquired 80 percent of the stock of GG Company by issuing shares of its common stock with

a fair value of P192,000. At that time, the fair value of non-controlling interest was estimated to be
P48,000 and the fair values of its identifiable assets and liabilities were P310,000 and P95,000,
respectively. GG’s assets and liabilities had book values of P220,000 and P95,000, respectively. compute
for the full-goodwill for the combined entity immediately after the combination.

7 Investment in GG 192,000.00
Fair Value of noncontrolling interest 48,000.00
Total Value 240,000.00

Fair Value of assets 310,000.00

Less: Fair Value of Liabilities 95,000.00
Net assets & liabilities 215,000.00

Total fair value 240,000.00

Less: Net assets and liabilities 215,000.00
Full goodwill for the combined entity 25,000.00