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Question - On January 2, 2019, P Corporation purchased 80% of S Company's common stock for P216,000. P10,000 of the excess is attributed to goodwill and the balance of depreciable asset with economic life of ten years. On the date of acquisition, S Company reported common stock outstanding of P80,000 and retained earnings of P140,000 an P Corporation reported common stock outstanding of P350,000 and retained earnings of P520,000. On December 31, 2019, S Company reported comprehensive income of P35,000 and paid dividends of P15,000. P Corporation reported comprehensive income from its separated operations of P95,000 and paid dividends of P46,000. Goodwill had been impaired and should be reported at P2,000 on December 31, 2019.
Required -
1. What is the consolidated comprehensive income on December 31, 2019?
2. What is the non-controlling interest (NCI) in S Company for the year 2020?
During 2015, Raymond a single individual, earned a salary of $206,000. He also had the following items of investment income: $50,000 net short term capital gain
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