How much is the net income attributable to non-controlling interest? * O On January 2, 2020, Popsters Corporation purchased 80% of SG Corporation's ordinary shares for P648,000. P30,000 of the excess is attributable to goodwill and the balance to an equipment with an economic life of ten years. Non-controlling interest is measured at its fair value on date of acquisition. On the date of acquisition, stockholders' equity of the two companies were as follows: Popsters 1,050,000 1,560,000 On December 31, 2020, Subsidiary reported net income of P105,000 and paid dividends of P36,000 to Parent. Parent reported earmings from its separate operations of P285,000 and paid dividends of P138,000. Goodwill had SG 240,000 420.000 Share Capital | Retained Earnings been impaired and should be reported at P6,000 on December 31, 2020.
How much is the net income attributable to non-controlling interest? * O On January 2, 2020, Popsters Corporation purchased 80% of SG Corporation's ordinary shares for P648,000. P30,000 of the excess is attributable to goodwill and the balance to an equipment with an economic life of ten years. Non-controlling interest is measured at its fair value on date of acquisition. On the date of acquisition, stockholders' equity of the two companies were as follows: Popsters 1,050,000 1,560,000 On December 31, 2020, Subsidiary reported net income of P105,000 and paid dividends of P36,000 to Parent. Parent reported earmings from its separate operations of P285,000 and paid dividends of P138,000. Goodwill had SG 240,000 420.000 Share Capital | Retained Earnings been impaired and should be reported at P6,000 on December 31, 2020.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 8MC
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Transcribed Image Text:How much is the net income attributable to non-controlling interest? *
On January 2, 2020, Popsters Corporation purchased 80% of SG Corporation's ordinary shares for P648,000.
P30,000 of the excess is attributable to goodwill and the balance to an equipment with an economic life of ten
years. Non-controlling interest is measured at its fair value on date of acquisition. On the date of acquisition,
stockholders' equity of the two companies were as follows:
Popsters
1,050,000
1,560,000
On December 31, 2020, Subsidiary reported net income of P105,000 and paid dividends of P36,000 to Parent.
Parent reported earnings from its separate operations of P285,000 and paid dividends of P138,000. Goodwill had
SG
240,000
420,000
Share Capital
|Retained Earnings
been impaired and should be reported at P6,000 on December 31, 2020.
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