What is consolidated re, Sops reported comprehensive income

What is consolidated re

Reference no: EM133416944

Question 1. On January 1, 2020, Pops purchased 80% of Sops common stock for P216,000. P10,000 of the excess is attributed to goodwill and the balance is due to a depreciable asset with a remaining life of 10 years. Sops' had common stock of P80,000 and retained earnings of P140,000. Pop reported common stock of P350,000 and retained earnings of P520,000. On December 31, 2020, Sops reported comprehensive income of P35,000 and paid dividends of P15,000, while Pop reported CI from its own operations of P95,000 and paid dividends of P46,000.

What is consolidated CI?
What is consolidated RE?
How much is NCI in CI?
What is balance of NCI?

Question 2. Star Company, a 90%-subsidiary of Bucks Corporation, declared a dividend of P80,000 and a comprehensive income of ?400,000.
Amortization of current fair value differences of Star Company's identifiable net assets was
P50,000. The balance of NCI in Cl of Subsidiary account IS.

Reference no: EM133416944

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