Green Co. sold inventories on May 1, 2019 to its 75% owned subsidiary, Indigo Company. The inventories costing P188,000 were sold for a 25% gross profit Out of these inventories, sold to outsiders during 2019. In 2020, Green Co. reported net income of P430,000s and Indigo Co. reported net income of P280,000 How much of the consolidated net income is to be allocated to non- controlling interest in 2020? a.76, 267 b.74, 700 c.81,750 d. 70,000

Green Co. sold inventories on May 1, 2019 to its 75% owned subsidiary, Indigo Company. The inventories costing P188,000 were sold for a 25% gross profit Out of these inventories, sold to outsiders during 2019. In 2020, Green Co. reported net income of P430,000s and Indigo Co. reported net income of P280,000 How much of the consolidated net income is to be allocated to non- controlling interest in 2020? a.76, 267 b.74, 700 c.81,750 d. 70,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA2: Investments

Section: Chapter Questions

Problem 29E

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