Reference no: EM133180815

Question - Accounting On January 1, 2022, P Company purchased 64,000 shares of the 80,000 outstanding shares of 3 Company at a price of P1,200,000, with an excess of P30,000 over the book value of S Company's net assets. P13,000 of the excess is attributed to an undervalued equipment with a remaining useful life of eight years from the date of acquisition and the rest of the amount is attributed to goodwill. For the year 2022, P Company reported a net income of P750000 and paid dividends of P180000, while S Company reported a net income of P240000 and paid dividends to P Company amounting to P39,000. The retained earnings of P Company at the end of 2022 per books is P1,025,000. P Company uses the cost method to account for its investment in S Company and elected to measure non-controlling interest at fair value on date of acquisition. How much is the non-controlling interest in net assets as of December 31, 2022? How much is the consolidated net income attributable to controlling interests?