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Question - Nacho Products Corporation purchased 80 percent ownership of Lavel Biscuits in January 2020, for P40,000 more than its share of Lavel's underlying subsidiary interest. The excess was assigned to depreciable assets with an 8-year useful life. Income statement data for the two companies for 2020 include the following:
Nacho Products
Lavel Biscuits
Sales
P300,000
P200,000
Cost of Sales
P130,000
Depreciation Expense
40,000
(240,000)
30,000
(160,0000)
Net Income
P60,000
P40,000
During 2020 Nacho purchased a special imported flour for P35,000 and resold it to Lavel for P50,000. Half of the flour was resold by Lavel before year-end for P33,750.
Required -
1. How much is the consolidated sales for 2020?
2. How much is the Income from Subsidiary?
3. How much is the Consolidated cost of sales?
4. How much is the Consolidated depreciation expense?
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