What is consolidated net income attributable to planet corp

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Problem 1: Planet Corporation owned 90% interest in a purchased subsidiary, Sally Company, which was accounted for by the cost method. During year 2019, Planet had income, of P435,000, and Sally had a net income of P360,000. Sally declared and paid P120,000 dividend during year 2019. There were no differences between the current fair values and book values of Sally's identifiable net assets on the date of the business combination, and there was no goodwill in the business combination. What is the consolidated net income attributable to Planet Corporation?

Reference no: EM132756609

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