Reference no: EM133136972
Question 1 - On January 01, 2021, Parent Corp. acquired 75% of the outstanding stock of Subsidiary Co. for P1,380,000 cash. The book value of Subsidiary Co.'s net assets was P1,200,000. Parent Corp. determined that the inventory and plant assets (remaining life of 5 years) of Subsidiary Co. were understated by P100,000 and P300,000, respectively. Subsidiary Co.'s net income for the year ended December 31, 2021 was P500,000. During the year 2021, Parent Corp. received P240,000 cash dividends from Subsidiary Co. The fair value of NCI was determined at P445,000. Loss on impairment of goodwill was P25,000. Net income of P Corp. under the cost method amounted to P1,000,000. P Corp. is using the fair value method in measuring NCI.
How much is the Non-Controlling Interest in Net Assets of the subsidiary on December 31, 2021?
Question 2 - Minor Corporation (SME) reports net assets of P300,000 at book value. These assets have an estimated market value of P350,000. If Major Corporation buys 80 percent ownership of Minor for P275,000. Minor opted to use the most appropriate method in measuring NCI for the said acquisition.
Goodwill will be reported in the consolidated balance sheet in the amount of?
Question 3 - On January 01, 2021, Parent Corp. acquired 75% of the outstanding stock of Subsidiary Co. for P1,380,000 cash. The book value of Subsidiary Co.'s net assets was P1,200,000. Parent Corp. determined that the inventory and plant assets (remaining life of 5 years) of Subsidiary Co. were understated by P100,000 and P300,000, respectively. Subsidiary Co.'s net income for the year ended December 31, 2021 was P500,000. During the year 2021, Parent Corp. received P240,000 cash dividends from Subsidiary Co. The fair value of NCI was determined at P445,000. Loss on impairment of goodwill was P25,000. Net income of P Corp. under the cost method amounted to P1,000,000. P Corp. is using the fair value method in measuring NCI.
How much is the consolidated net income attributable to parent in 2021?
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