Reference no: EM132980356
Question -
Q1. ABC Corp. acquired a 60% interest in DEF on January 1,2021 for P468,000 when DEF's net asset had a book value and fair value of P790,000. During 2021, ABC sold inventory items cost P780,000 to DEF for P1,040,000 and DEF's inventory at December 31,2021 included one-fourth of this merchandise: ABC reported separate income from its own operations of P488,000, and DEF reported a net loss of P195,000 for 2021. What the Consolidated income for ABC and DEF for 2021?
Q2. ABC owns 80% interest of DEF Company and at December 31,2021, ABC's investment in DEF under the cost method was equal to 80% of DEF's shareholder's equity. During 2022, DEF sells merchandise to ABC for P130,000 at a gross profit to DEF of P26,000. At December 31,2022, half of this merchandise is included in ABC's inventory. Separate incomes of ABC and DEF amounted to P162,500 and P91,000 respectively. In the consolidated income statement for 2022, the non-controlling interest in net income of DEF is?
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