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Determine the gain or loss on disposal

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Question - Entity J has a 90% controlling interest in Entity W. On December 31, 2022, the carrying value of Entity W's net assets in Entity J's consolidated financial statements is P36,000 and the carrying amount attributable to the non-controlling interest in Entity W (including the non-controlling interest's share of accumulated other comprehensive income) is 3,600.

On January 5, 2023, Entity J sells 80% of the share in Entity W to a third party for cash proceeds of P43,200. As a result of the sale, Entity J loses control of Entity W but retains 10% non controlling interest. The fair value of the retained interest on that date is P4,320.

Required - Determine the gain/(loss) on disposal (deconsolidation).

A. 11,520

B. (11,520)

C. 15,120

D. (15,120)

Reference no: EM133098626

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