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Compute the non-controlling interest should be reported

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Question - On January 5, 2022, Purpose Corporation purchased 70% of Showtime Company's P10 par ordinary shares for P900,000. On this date, the carrying amount of Showtime's net assets was P1,000,000. The fair value of identifiable net assets and liabilities of Showtime were the same as the carrying amount except for equipment, which is P200,000 in excess of carrying amount.

For the year ended December 31, 2022, Showtime had a net income of P150,000 and paid cash dividend of P63,000 to Purpose. Excess attributable to equipment is amortized over 10 years.

In December 31, 2022 consolidated statements, compute the non-controlling interest should be reported?

A. 397,714

B. 380,614

C. 372,000

D. 345,500

Reference no: EM133106722

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