Emily Corporation acquired inventories on May 1, 2015 from its 70% owned subsidiary, SR Company. The inventories were sold for P188,000, including the 25% mark up on cost. Out of these inventories, 65% were sold to outsiders. During 2016, Emily Corporation reported net income of P430,000 and SR Company reported net income of 280,000 How much is the realized profit to be allocated to non-controlling interest in 2016? a 732 b. 4,935 c. 13,160 d. 3,948

Emily Corporation acquired inventories on May 1, 2015 from its 70% owned subsidiary, SR Company. The inventories were sold for P188,000, including the 25% mark up on cost. Out of these inventories, 65% were sold to outsiders. During 2016, Emily Corporation reported net income of P430,000 and SR Company reported net income of 280,000 How much is the realized profit to be allocated to non-controlling interest in 2016? a 732 b. 4,935 c. 13,160 d. 3,948

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter20: Corporations: Distributions In Complete Liquidation And An Overview Of Reorganizations

Section: Chapter Questions

Problem 35P

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