Reference no: EM133030865

Problem - Parent and its 80% owned Subsidiary report the following at December 31 of the current year: Parent Net Income, P100,000; Parent Dividends, P20,000, Parent Land, P500,000. Subsidiary Net Income, P80,000; Subsidiary Dividends, P10,000; Subsidiary Land, P300,000. On June 1, of the current year, Subsidiary sold land to Parent reporting a gain on sale of P10,000. The gain is included in the net income reported by the Subsidiary.

Required -

1) Determine the non-controlling interest net income.

2) Determine the valuation of Land in the consolidated balance sheet.

3) Determine the equity holders of parent's net income.