Reference no: EM132899894

On January 1, 2021, ABC purchased 80% of the outstanding shares of DEF at a cost of P960,000. On that date DEF had P600,000 worth of outstanding shares and P600,000 worth of accumulated profits. For 2021, ABC had income of P336,000 from its own operations and paid dividends of P180,000. For 2021, DEF reported income of P64,000 and paid dividends of P36,000. All of the assets and liabilities of DEF have book values equal to their market value. On January 1, 2021, ABC sold equipment to DEF for P120,000. The book value of the equipment on that was P144,000. The loss of P24,000 is reflected in the income of ABC indicated above.

Question 1: The equipment is expected to have a useful life of five years from the date of the sale. In the December 31, 2021 consolidated statement of financial position, the non-controlling interest in net assets of Subsidiary should be presented at?