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What is the amount of consolidated expense in consolidated

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On January 1, 2019, Howell reports net assets of P880,000, although a patent (with a 10-year life) having a book value of P330,000 is now P400,000. Norton Corporation pays P840,000 on that date for an 80% ownership in Howell. On December 31, 2020, Howell reports total expenses of P621,000 while Norton reports expenses of P714,000.

Problem 1: What is the amount of consolidated expense in the consolidated statement of comprehensive income?

Option 1: 1,328,000
Option 2: 1,342,000
Option 3: 1,405,000
Option 4: 1,335,000

Reference no: EM132844145

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