How much is the consolidated net income attributable

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Question - On January 1,20x6, Parent Corporation purchased 80% of Subsidiary Company's outstanding stock for P620,000. At that date, all of subsidiary's assets and liabilities had market values approximately equal to their book values and no goodwill was included in the purchase price. The following information was available for 20x6: income from own operations of Parent P150,000; operating loss of subsidiary P20,000. Dividends Paid in 20x6 by Parent P75,000; by Subsidiary to Parent P12,000.

On July 1,20x6, there was a downstream sale of equipment at a gain of P25,000. The equipment is expected tp have a remaining useful life of 10 years from the date of sale. Also, on January 1,20x6, there was an upstream sale of furniture at a loss of P7,500. The furniture is expected to have a useful life of five years from the date of sale. Non-controlling interest is measured at fair value.

How much is the consolidated net income attributable to the parent shareholders' equity?

Reference no: EM132980524

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