Goodwill impairment for 2015 and 2016 amounted to ₱4,000 and ₱12,000, respectively.

SUBSEQUENT TO DATE OF ACQUISITION As of December 31, 2016, the separate trial balances of each company are as follows:
Parent company acquired 70% of the stocks of subsdiary company for ₱500,850 on January 1, 2015.
The shareholders' equity accounts of subsidiary as of acquisition date is as follow: Parent Subsidiary
Cash 240,000 144,000
Common stock - 125,000 shares 250,000 Accounts receivable 120,000 72,000
Share premium 125,000 Inventory 228,000 136,800
Retained earnings 90,000 FAFVOCI 45,600 27,360
Other comprehensive income 15,000 Building 540,000 270,000
Treasury shares, ₱1 per share (3,000) Accumulated depreciation - building (189,000) (94,500)
Shareholders' equity 477,000 Equipment 600,000 300,000
Accumulated depreciation - equipment (240,000) (120,000)
As of the date of acquisition the following appraisals on the subsidiary's net assets were determined: Investment in subsidiary 500,850 -
Book value Fair value Accounts payable (132,000) (79,200)
Inventory 95,000 100,000 Bonds payable (400,000) (200,000)
Building 270,000 243,000 Discount on bonds payable - 12,000
Accumulated depreciation - building (67,500) Common stock (500,000) (250,000)
Equipment 300,000 192,000 Share premium (250,000) (125,000)
Accumulated depreciation - equipment (60,000) Other comprehensive income (200,000) (15,000)
Bonds payable (200,000) (202,400) Treasury shares 4,000 3,000
Discount on bonds payable 16,000 Retained earnings (328,850) (16,000)
Dividends paid 72,000 36,000
The building and equipment of Subsidiary Company have a remaining life of 15 and 8 years, respectively. The bonds Sales (755,120) (506,028)
payable has a remaining term of 8 years and is being amortized using straight line method of amortization. Cost of sales 384,000 230,400
Operating expenses 288,000 172,800
Unrealized gain - OCI (2,280) 1,368
As of December 31, 2015, the separate trial balances of each company are as follows: Dividend income (25,200)

Parent Subsidiary
Cash 200,000 100,000
Accounts receivable 100,000 50,000
Inventory 190,000 95,000
Building 540,000 270,000
Accumulated depreciation - building (162,000) (81,000)
Equipment 600,000 300,000
Accumulated depreciation - equipment (180,000) (90,000)
Investment in subsidiary 500,850 -
Accounts payable (110,000) (55,000)
Bonds payable (400,000) (200,000)
Discount on bonds payable - 14,000
Common stock (500,000) (250,000)
Share premium (250,000) (125,000)
Retained earnings (300,000) (90,000)
Dividends paid 60,000 40,000
Other comprehensive income (200,000) (15,000)
Treasury shares - 3,000
Sales (620,850) (106,000)
Cost of sales 320,000 80,000
Operating expenses 240,000 60,000
Dividend income (28,000) -
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