Jellicent Corporation is an 80% owned subsidiary of Frilish Corporation. During 2018, Jellicent sold merchandise that cost P120,000 to Frilish for P160,000. Frilish’s ending inventory at December 31, 2018 contained unrealized profit of P8,000 from the intercompany sales.During 2019, Jellicent sold merchandise that cost P140,000 to Frilish for P190,000. One-half of this remained unsold by Frilish at December 31, 2019. For 2019, Frilish’s separate income (does not include investment income) was P250,000 and Jellicent 's reported net income was P190,000. The consolidated net income attributable to parent for 2019 will be: * a. P356,000 b. P388,400 c. P342,500

Jellicent Corporation is an 80% owned subsidiary of Frilish Corporation. During 2018, Jellicent sold merchandise that cost P120,000 to Frilish for P160,000. Frilish’s ending inventory at December 31, 2018 contained unrealized profit of P8,000 from the intercompany sales.During 2019, Jellicent sold merchandise that cost P140,000 to Frilish for P190,000. One-half of this remained unsold by Frilish at December 31, 2019. For 2019, Frilish’s separate income (does not include investment income) was P250,000 and Jellicent 's reported net income was P190,000. The consolidated net income attributable to parent for 2019 will be: * a. P356,000 b. P388,400 c. P342,500

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

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 2P

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