Reference no: EM132978492

Question - On January 1, 2021, ABC purchased 90% of the outstanding shares of JKLCompany at a cost of P1,632,000. On that date, JKLhad P1,020,000 worth of outstanding shares and P1,020,000 worth of accumulated profits. For 2021, ABCCompany had income of P571,200 from its own operations and paid dividends ofP306,000. For 2021, JKL Company reported income of 132,600 and paid dividends of P61,200. All of the assets and liabilities of JKL have book values equal to their market values. On January 1, 2021, ABC sold equipment to JKL for P204,000. The book value of the equipment on that date was P244,800. The loss of P40,800 is reflected in the income of ABC indicated above. The equipment is expected to have a useful life of five years from the date of sale. In the December 21, 2021 consolidated statement of financial position, what the net income attributable to equity holders of ABC should be presented?