What is the balance of NCI on December

Reference no: EM132661691

Question - On January 2, 2013, Pop corporation purchase 80% of Sea Company's common stock for P216,000. P10,000 of the excess is attributed to goodwill and the balance to a depreciable asset with an economic life of 10 years. On the date of acquisition, Sea reported common stock outstanding of P80,000 and retained earnings of P140,000, and Pop reported common stock outstanding of P350,000 and retained earnings of P520,000.

On December 31, 2013, Sea reported a comprehensive income of P35,000 and paid dividends of P15,000. Pop reported CI from separate operations of P95,000 and paid dividends of P46,000. Goodwill had been impaired and should be reported at P2,000 on December 31, 2013.

Required -

1. What is the consolidated CI on December 2013?

2. What is the consolidated retained earnings on December 2013?

3. How much is the NCI on CI of the subsidiary on December 2013?

4. What is the balance of NCI on December 31, 2013?

5. What is the consolidated CI attributable to parent on December 31, 2013?

Reference no: EM132661691

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