Pilipinas, Inc. purchased 40% of China Inc.’s outstanding ordinary shares on January 2, 2021, for P270,000,000. Pilipinas obtained significant influence over China. The book value of China’s net assets at the purchase date totalled P450,000,000. Book values and fair values were the same for all financial statement items except for inventory and buildings, for which fair values exceeded book values by P12,500,000 and P112,500,000, All inventories on hand at the purchase date was sold during 2021. The buildings have average remaining useful lives of 15 years. China, Inc. reported net income of P110,000,000 for the year ended December 31, 2021, and paid cash dividends of P50,000,000. The fair value of Pilipinas, Inc.’s investment in associate was P300,000,000 at December 31, 2021. Of the amount paid, how much is attributable to goodwill? Acquisition Cost 270,000,000.00 Fair Value of the Shares BV of Net Assets 450,000,000.00 Excess FV of Depreciable Assets 112,500,000.00 Excess FV of Inventory 12,500,000.00 Total 575,000,000.00 Percentage of Ownership 40% 230,000,000.00 Goodwill 40,000,000.00