Use the following information for the next two questions: Show your aolutions.

Parent Co. acquires Subsidiary Co. on January 1, 20x1. The financial

statements of Parent and Subsidiary on the acquisition date are shown below:

Parent

Co.

Subsidiary Co.

Cash in bank

12,000

6,000

Accounts receivable

36,000

14,400

Inventory

48,000

27,600

Investment in subsidiary

90,000

-

Building, net

216,000

48,000

Total assets

402,000

96,000



Accounts payable

60,000

7,200

Share capital

204,000

60,000

Share premium

78,000

-

Retained earnings

60,000

28,800

Total liabilities and equity 402,000

96,000

Additional information:

 The carrying amounts of subsidiary’s net identifiable assets approximate

their acquisition-date fair values, except for the following:

- Inventory, ₱37,200

- Building, net, ₱57,600

 The computations required under PFRS 3 resulted to the following:

- Goodwill, ₱3,600

- NCI in net assets, ₱21,600.

1. How much is the consolidated total assets on January 1, 20x1?
2. How much is the consolidated total equity on January 1, 20x1?​