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Find the Net income attributable to parent on December

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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

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