BabyM owns 70% of 2Joints outstanding ordinary shares. 2Joints in turn, owns 20% investment inPacman Co. During 2021, BabyM earned a net income of P320,600 from its own operations while2Joints suffered a loss of P60,000 excluding its share in the earning of its affiliates if any. Pacmanreported a net income of P43,500. 2Joints declared dividends of P250,000 from its accumulated profitsin previous years.What is the consolidated profit for the year 2021?Select the correct response:267,190261,100269, 300284,690

The consolidated profit is 284,690 Explanation: First, we compute the consolidated profit for…

an Co. During 2021, BabyM earned a net income of P320,600 from its own operatic s suffered a loss of P60,000 excluding its share in the earning of its affiliates if any ed a net income of P43,500. 2Joints declared dividends of P250,000 from its accu ious years. s the consolidated profit for the year 2021? the correct response:

an Co. During 2021, BabyM earned a net income of P320,600 from its own operatic s suffered a loss of P60,000 excluding its share in the earning of its affiliates if any ed a net income of P43,500. 2Joints declared dividends of P250,000 from its accu ious years. s the consolidated profit for the year 2021? the correct response:

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA2: Investments

Section: Chapter Questions

Problem 11MCQ

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