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What is the CI reported by S

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Question - P Enterprises owns 60% of the outstanding stock of S Company, which it purchased for P50,000 above the underlying book value of P720,000 on December 31, 2019. For the year 2021, S included in its CI P90,000 of unrealized gain on a year-end sale of depreciable assets to P. The NCI of S was assigned P12,000 of income in the 2021 consolidated financial statements. The excess allocated to equipment is amortized over 20 years.

1. What is the CI reported by S for 2021?

a. P120,000

b. P150,000

c. P125,000

d. P155,000

2. What is the balance of NCI on December 31, 2019?

a. P54,750

b. P57,200

c. P55,600

d. P48,500

Reference no: EM133107627

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