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Compute for the consolidated net income attributable to parent shareholders' equity and amount of non-controlling interest in net assets of subsidiary. a. P74,039; P61,246 b. P77,539; P61,526 c. P77,539; P61,246 d. P74,039; P62,526

Compute for the consolidated net income attributable to parent shareholders' equity and amount of non-controlling interest in net assets of subsidiary. a. P74,039; P61,246 b. P77,539; P61,526 c. P77,539; P61,246 d. P74,039; P62,526

SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter20: Corporations: Distributions In Complete Liquidation And An Overview Of Reorganizations
Section: Chapter Questions
Problem 1BCRQ
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4. A Co. acquired 60% of the outstanding ordinary shares of B Co. on January 2, 2022. A Co. acquired it at book value which is the same as its fair value at the date of acquisition. Statements of Comprehensive Income of A Co. & B Co. for 2022 are as follows: А Со. P218,750 131,250 P87,500 26,250 P61,250 В Со. P87,500 52,500 P35,000 13,125 P21,875 - 0 - P21,875 Net Sales Cost of Sales Gross Profit Operating Expenses Operating Income Dividend Revenue 14,000 P75,250 Net Income B Co. made sales to A Co. of P28,000 in 2021 and P42,000 in 2022. A Co. reported inventory on December 31, 2021 amounting to P17,500 of which 20% comes from B Co. and inventory on December 31,2022 amounting to P21,000 of which 30% comes B Co. A Co. uses 30% mark-up on cost and B Co. uses 25% mark-up on cost for their selling prices. A Co. & B Co. declared and paid dividends in 2022 amounting to P21,000 and P17,500, respectively. On January 1, 2022, B Co. has ordinary shares of P80,000; Share Premium of P30,000 and Retained Earnings of P40,000. Compute for the consolidated net income attributable to parent shareholders' equity and amount of non-controlling interest in net assets of subsidiary. a. P74,039; P61,246 b. P77,539;B Р61,526 c. P77,539; P61,246 d. P74,039; P62,526
Transcribed Image Text:4. A Co. acquired 60% of the outstanding ordinary shares of B Co. on January 2, 2022. A Co. acquired it at book value which is the same as its fair value at the date of acquisition. Statements of Comprehensive Income of A Co. & B Co. for 2022 are as follows: А Со. P218,750 131,250 P87,500 26,250 P61,250 В Со. P87,500 52,500 P35,000 13,125 P21,875 - 0 - P21,875 Net Sales Cost of Sales Gross Profit Operating Expenses Operating Income Dividend Revenue 14,000 P75,250 Net Income B Co. made sales to A Co. of P28,000 in 2021 and P42,000 in 2022. A Co. reported inventory on December 31, 2021 amounting to P17,500 of which 20% comes from B Co. and inventory on December 31,2022 amounting to P21,000 of which 30% comes B Co. A Co. uses 30% mark-up on cost and B Co. uses 25% mark-up on cost for their selling prices. A Co. & B Co. declared and paid dividends in 2022 amounting to P21,000 and P17,500, respectively. On January 1, 2022, B Co. has ordinary shares of P80,000; Share Premium of P30,000 and Retained Earnings of P40,000. Compute for the consolidated net income attributable to parent shareholders' equity and amount of non-controlling interest in net assets of subsidiary. a. P74,039; P61,246 b. P77,539;B Р61,526 c. P77,539; P61,246 d. P74,039; P62,526
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