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Determine the consolidated retained earnings as of December

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Question - MICHAEL Company acquired 80% of the outstanding shares of MARK Company on July 1, 2019 for P800,000. On this date MARK Company's net assets had book values equal to their fair values except for Inventory which was understated by P20,000 and building with a remaining useful life of 10 years was understated by P50,000. MARK also reports capital stock of P800,000 and retained earning of P200,000 as of July 1, 2019.For the year ended December 31, 2019, MICAHEL and MARK Company report Income from their own operations of P250,000 and P150,000 each, income is earned evenly throughout the year and paid dividends of P200,000 and P50,000 on December 15, 2019. If on December 31, 2021, MICHAEL Company and Mark Company reports retained earnings of P2,000,000 and P400,000 each respectively, (assume neither company declared any dividends),

1. Determine the consolidated retained earnings as of December 31, 2021

2. Determine the Consolidated net income of the controlling interest for the year 2019.

3. December 15, 2019. Determine the non-controlling interest on December 31, 2019 if MICHAEL Company values the non-controlling interest at fair value.

Reference no: EM132977648

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