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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
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