Reference no: EM132718633
Problem - Superstar Co. acquired 35% of ordinary shares of an associate for P2,000,000 on January 1, 2017. On this date, all the identifiable assets and liabilities of the associate were recorded at fair value. An analysis of the acquisition showed that goodwill of P100,000 was acquired.
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2017
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2018
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Net income
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3,000,000
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4,500,000
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Dividends paid
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900,000
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1,800,000
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On January 3, 2017, Superstar sold an equipment costing P300,000 to the associate for P375,000. The equipment has a remaining life of 6 years.
In December 2017, the associate sold inventory to Superstar for P390,000. The cost of the inventory was P300,000. Half of the inventory was sold by Superstar as of December 31, 2017, while the other half was sold by in 2018.
In December 2018, Superstar sold inventory to the associate for P520,000. The cost of the inventory was P400,000. This inventory remained unsold by the associate on December 31, 2018.
How much is the adjusted share in net income for 2018?
a. 1,553,125
b. None of the choices
c. 1,499,000
d. 1,483,250
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