Solution-Find the Net income attributable to parent on

Find the Net income attributable to parent on December

Assignment Help Financial Accounting

Reference no: EM132983117

Question - Blues Company, an SME, acquired 7,000 shares of the outstanding stock of Clues Company for P2,200,000 on January 1, 2021. Blues Company also paid P20,000 consultation fee for a CPA for business combination, and legal fees of P30,000 related to business combination.

On the date of acquisition, the equity of Clues Company consisted of Share capital of P1,600,000 P160 par and Retained Earnings of P800,000.

The carrying values and fair value of Clues Company's identifiable assets and liabilities are the same. At the reporting date, Blues Company reported net income of P500,000 on its separate statement of income and paid dividends of P200,000 while Clues Company reported net income on its separate statement of income of P300,000 and paid dividends of P5 per share.

Required -

-Find the Net income attributable to parent on December 31, 2021?

-Find the amount of amortization of goodwill for 2021?

-Find the non-controlling interest in the net asset of subsidiary on December 31, 2021?

Reference no: EM132983117

Questions Cloud

Find the material price variance and the material quantity : Find the material price variance and the material quantity variance for March. Indicate whether each variance is favorable or unfavorable.

Why farmers are encouraged to process raw agricultural : Explain one reason why farmers are encouraged to process raw agricultural products produced on the farm

Explain what is the role of the accounting equation : Rules of debit and credit and the recording of transactions, What is role of the accounting equation in the analysis of business transactions?

What would be the effect on profit if the alternative method : What would be the effect on profit if the alternative method of closing off overhead were used? Prepare a journal entry to close off the balance

Find the Net income attributable to parent on December : Blues Company also paid P20,000 consultation fee for a CPA for business combination, Find the Net income attributable to parent on December 31, 2021

Prepare journal entries to record incurrence of production : Comfy Backpacks started and finished job number TK474,Prepare the journal entries to record the incurrence of production costs and the completion of job TK474.

How will address jim recent performance issues : Imagine you work at a company and it is time for an employee named Jim's annual review. While he was a model employee the first nine months of the year, recentl

Concepts pertaining to a specific area of hrm : Develop a comprehensive understanding of an HRM function as outlined in a case study selected from a list that will be provided

Make the ledger accounts to show the flow of costs : Product costing $240,000 were finished, Prepare the ledger accounts to show the flow of costs through LFL's manufacturing accounts during the year.

User Account

All Pages

Find the Net income attributable to parent on December

Reference no: EM132983117

Reference no: EM132983117

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT