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Compute the reported net income of GHI Company

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Question - ABC Corp owns 60% of the outstanding shares of GHI Company, which it purchased for P42,000 above underlying book value of P604,800 on December 31, 2021. For the year 2024, GHI included in its net income P75,600 of unrealized gain on a year-end sale of depreciable assets to ABC. The non-controlling interest of GHI was computed for P10,080 of income in the 2024 consolidated financial statements. The purchase difference allocated to building which is amortized over 20 years. Compute the reported net income of GHI Company from its own operation, if the net income of ABC from its own operation for 2024 amounted to P157,500.

Reference no: EM132980841

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