Determine the non-controlling interest income

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Question - Bowerbird Corporation purchased a 70% interest in Stage Corporation on June 1, 2006 at a purchase price of P390,400. On this date, Stage's book values were equal to its fair values except for an unrecorded copyright, and its stockholders' equity consisted of P290,000 of Common Stock and P210,000 of Retained Earnings. All cost-book differentials were attributed to the copyright, which had an estimated economic life of ten years.

During 2006, Stage earned P120,000 of net income earned uniformly throughout the year and paid P6,000 of dividends on March 1 and another P6,000 on September 1.

Required - Determine the Non-controlling interest income for 2006?

Reference no: EM133031117

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