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Question - On January 1, 2019, Popo Company acquired 90 percent ownership of Solo Corporation, at underlying book value. The fair value of the non-controlling interest at the date of acquisition was equal to 10 percent of the book value of Solo Corporation. On Mar 17, 2019, Solo purchased inventory from Popo for P90,000. Solo sold the 80% inventory to an unaffiliated company for P100,000 on November 21, 2019. Popo had produced the inventory sold to Solo for P62,000. The companies had no other transactions during 2019.
Based on the information given above, what amount of cost of goods sold will be reported in the 2019 consolidated income statement?
Based on the information given above, what amount of consolidated net income will be assigned to the controlling shareholders for 2019?
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