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How much is the separate income of the home office

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Question - On December 31, 2022, ABC Corporation combined net income together with its Bicol branch amounted to P350,000. On June 30, 2022, the home office purchased and recorded fixed asset for the use of the branch amounting to P200,000. Useful life is 5 years.

The following were ascertained in the Bicol branch's books:

During the year, shipments of merchandise at cost to the branch amounted to P135,000.

Remittance of P70,000 was made during the year to the home office.

Purchases of merchandise from outside suppliers amounted to P125,000.

Ending inventories amounted to P80,000.

Sales for the year was reported at P400,000.

The branch paid selling and administrative expenses amounting to P75,000.

How much is the separate income of the home office?

How much is the reported net income of the branch?

Reference no: EM133188047

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