Reference no: EM132783863
Question - On January 2, 2019, P Company purchased 80% of the outstanding shares of S Company for P1,400,000. The parent opted to measure NCI proportionate to their share on the identifiable net assets. At that date, the stockholders' equity of P Company and S Company is composed of the following:
Share Capital
P - 5,000,000
S - 1,150,000
Share Premium
P - 1,500,000
S - 350,000
Retained Earnings
P - 1,150,000
S - 370,000
The carrying values of the assets and liabilities of S Company are equal to their fair values except for the following:
Equipment with 5 years remaining life had a fair value which is lower than its carrying value by P60,000.
The fair value of S Company's Loans Payable is to be adjusted upward by P20,000.
The income reported and dividends paid by P Company and S Company for 2019 are as follows:
Net Income
P -370,000
S -250,000
Dividends
P - 90,000
S - 80,000
Required - Determine the following:
a. Consolidated Net Income
b. Net Income Attributable to Parent
c. Net Income Attributable to NCI
d. NCI as of December 31, 2019
e. Consolidated Retained Earnings as of December 31, 2019
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