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What is the gain in disposal or deconsolidation

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Question - Pedro Corporation owns an 80% interest in Simon Company. In the consolidated financial statements on December 2020, the carrying amount of Simon's net assets if P5,200,000 and the carrying amount of the non-controlling interest in Simon Company (including the non- controlling interest's share of accumulated other comprehensive income) is P400.000. On January 1, 2021, Pedro Corporation decided to sell 50% of their interest in Simon Company to outsiders for cash proceeds of P3,800,000. As a result of this transaction, Pedro Corporation loses control of Simon Company but retains a 40% interest in the former subsidiary valued at P2,000.000. What is the gain in disposal or deconsolidation?

Reference no: EM133150022

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