Reference no: EM133020956
Question - Ben Corporation, an SME, acquired 90% of the outstanding ordinary shares of Tin Company on July 1, 2021 for P800,000.
Tin Company's shareholder's equity at the end of 2021 is composed of the following: Ordinary shares, P25 par, P250,000; Share premium, P100,000; and Retained earnings, P250,000.
All the assets of Tin were fairly valued, except for equipment, which is overstated by P30,000. Remaining useful life of equipment is 5 years.
Shareholder's equity of Ben on January 1, 2021 is composed of the following: Ordinary shares, 800,000; Share premium, P250,000; and Retained earnings, P750,000.
Net income for the first year of parent and subsidiary are P150,000 and P85,000 (from date of acquisition), respectively. Dividends declared by the parent and subsidiary at the end of the year amounted to P30,000 and P20,000, respectively.
-How much is the adjustment on the reported net income of the subsidiary for 2021? (Type the absolute value of the amount)
-What is the amount of non-controlling interest in net assets of subsidiary as of December 31, 2021?
-How much is the Consolidated Retained Earnings as of December 31, 2021? Required to answer.
-What is the amount of consolidated equity at the end of the year?
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