On January 1, 20x8,Parent Company purchased 80% of the outstanding shares of Subsidiary Company for P800,000. On the date of acquisition, Subsidiary Company reported Ordinary Shares of P800,000 and Retained Earnings of P200,000. Subsidiary’s Inventory
On January 1, 20x8,Parent Company purchased 80% of the outstanding shares of Subsidiary Company for P800,000. On the date of acquisition, Subsidiary Company reported Ordinary Shares of P800,000 and
1) From the given data, determine the total assets as of December 31, 20x1.
2) From the given data, assuming the retained earning of Subsidiary on December 31, 20x11 is P350,000, determine the non-controlling interest to be reported in the consolidated financial statements on December 31, 20x11 assuming no changes to Subsidiary company’s ordinary shares.
3) From the given data, determine the non-controlling interest as of December 31, 20x1.
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