Reference no: EM133147911
Question - On January 1, 2020, P Corp. purchased 80% of the outstanding shares of S Co. at a cost of P1,620,000. On that date, S had P600,000 of ordinary shares and P1,000,000 of retained earnings. All the assets and liabilities of S Co. have book values approximately equal to their respective market values, except for equipment with fair market value increase of 50,000 (remaining life of 4 years). For 2021, the operating results of P and S are: Net income P1,000,000 and P500,000, respectively, Dividends paid, P200,000 and P80,000, respectively. During 2021, P Corp. sold merchandise to S at 120% of its cost, the same as that used in 2020 sales. The inventory of S on January 1, 2021 included P19,200 of merchandise purchased from P Corp. in 2020, while its December 31, 2021 inventory included P36,000 of merchandise purchased from P Corp. in 2021. The Retained Earnings, beg of S in 2021 was P1,200,000. P uses the proportionate method in measuring NCI. Impairment loss was estimated at P20,000 and 30,000 in 2020 and 2021, respectively, based on partial goodwill recognized. Determine the consolidated net income attributable to parent in 2021.
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