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What is the amount of the consolidated net income

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Question - On January 1, 20x6, Parent Corporation purchased 80% of Subsidiary Company's outstanding stock for P620,000. AL that date, all of Subsidiary's assets and liabilities had market values approximately equal to their book values and no goodwill was included in the purchase price. The following information was available for

20x6: income from own operations of Parent, P150000; operating loss of Subsidiäry, P20,000. Dividends paid in 20x6 by Parent, P75,000; by Subsidiary to Parent, P12,000.

On July 1, 20x6, there was a downstream sale of equipment at a gain of P25,000. The equipment is expected to have a remaining useful life of 10 years from the date of sale. Also, on January 1, 2Ox6, there was an upstream sale of furniture at a loss of P7,500. The furniture is expected to have a useful life of five years from the date of sale. Non controlling interest is measured at fair value.

Required - What is the amount of the consolidated net income attributable to the parent shareholders' equity?

Reference no: EM132972871

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