n April 1, PP, Inc., exchanges P430,000 fair-value consideration for 70% of the outstanding stock of RR Corporation. The remaining 30% of the outstanding shares continued to trade at a collective fair value of P165, 000. RR's identifiable assets and liabilities each had book values that equaled their fair values of April 1 for a net total of P500,000. RR generated annual (12-month) revenues of P600,000 and expenses of P360,000 and paid no dividends. On a December 31 consolidated balance sheet, what should be reported as non-controlling interest?
MC 5 P327
On April 1, PP, Inc., exchanges P430,000 fair-value consideration for 70% of the outstanding stock of RR Corporation. The remaining 30% of the outstanding shares continued to trade at a collective fair value of P165, 000. RR's identifiable assets and liabilities each had book values that equaled their fair values of April 1 for a net total of P500,000. RR generated annual (12-month) revenues of P600,000 and expenses of P360,000 and paid no dividends. On a December 31 consolidated balance sheet, what should be reported as non-controlling interest?
MC 6 P327-28
January 1, 20x4, Payne Corp. purchased 70% of Shayne Corp's P10 par common stock for P900,000. On this date, the carrying amount of Shayne's net assets was P1,000,000. The fair values of Shayne's identifiable assets and liabilities were the same as their carrying amounts except for plant assets (net), which were P200, 000 in excess of the carrying amount. For the year ended December 31, 20x4, Shayne had net income of P150,000 and paid cash dividends totalling P90,000. Excess attributable to plant assets is amortized over 10 years. In the December 31, 20x4, consolidated balance sheet, NCI should be reported as?
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