Reference no: EM133006018

Question - On January 1, 2013, Parent Company purchased 80% of the common stock of Subsidiary Company for P 316,000. On this date, Subsidiary Company had common stock, other paid/in capital, and retained earnings of P 40,000, P 120,000 and P 190,000, respectively. Parent Company's common stock amounted to P 500,000 and retained earnings of P 200,000. On January 1, 2013, the only tangible assets of Subsidiary that were undervalued were inventory and building. Inventory, for which FIFO is used, was worth P5,000 more than cost. The inventory was sold in 2013. Building, which was worth P 15,000 more than book value, has a remaining life of 8 years, and straight line method of depreciation is used. Any remaining excess is full-goodwill with an impairment for 2013 amounting to P3,000. Subsidiary Company reported net income of P50,000 and paid dividends of P10,000 in 2013, while the parent's reported net income amounted to P 100,000 and paid dividends of P 200,000. Determine the Consolidated net income attributable to controlling interest/profit attributable to equity holders of parent.