Reference no: EM132805883
Question - On October 1, 2012, Solar Inc. purchased a piece of land costing P1,000,000 from Power Company for P1,500,000. On December 1, 2013, Solar Inc. sold this land to unrelated party for P1,500,000. On the other hand, on July 1, 2013, Solar Inc. sold a used photo-copier with a carrying value of P60,000 and remaining life of 3 years to Power Company for P42,000.
Separate Statement of Comprehensive income for the two companies for the year 2013 follow:
Power Company Solar Inc.
Sales P25,000,000 P14,000,000
Cost of sales (15,000,000) (8,400,000)
Gross Profit P10,000,000 P5,600,00
Operating expenses (6,000,000) (3,800,000)
Operating Profit P4,000,000 P1,800,000
Loss on Sale of Office Equipment (18,000)
Dividend Revenue 40,000
Net Income P4,000,000 P1,822,000
Required - Compute the Consolidated Gross Profit for 2013?
a. P15,712,000
b. P15,632,000
c. P15,584,000
d. P19,632,000
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