Reference no: EM132651691

On January 1, 2012, P Corporation purchased 80% of S Company's outstanding stock for P620, 000. At that date, all of S Company's assets and liabilities had market values approximately equal to their book values and no goodwill was included in the purchase price. The following information was available for 2012: Income from own operations of P Corporation, P150, 000; Operating loss of S Company, P20, 000. Dividends paid in 2012 by P Corporation, P75, 000; by S Company to P Corporation, P12, 000.

• On July 1, 2012, there was a downstream sale of equipment at a gain of P25, 000. The equipment is expected to have a remaining useful life of 10 years from the date of sale. Also, on January 1, 2012, there was an upstream sale of furniture at a loss of P7, 500. The furniture is expected to have a useful life of five years from the date of sale. Non-controlling interest is measured at fair market value.

Problem 1: How much is the consolidated net income attributable to parent shareholders' equity?