P Corp acquired 90% of the outstanding ordinary share of B Company. On March 31, 2030, P sold equipment to B Company costing P150,000, with accumulated depreciation of P30,000 for P100,000. The remaining useful life of the equipment is four years. On September 30, 2030, B sold machinery with carrying amount of P200,000 for P240,000. The remaining useful life of the machine is five years. On December 31, 2030, P and B reported net income from their own operation amounting to P1,000,000 and P600,000, respectively. B also paid dividend of P200,000. Requirements: 1. non-controlling interest in net income for 2030? 2. consolidated net income attributable to parent for 2030?
P Corp acquired 90% of the outstanding ordinary share of B Company. On March 31, 2030, P sold equipment to B Company costing P150,000, with accumulated depreciation of P30,000 for P100,000. The remaining useful life of the equipment is four years. On September 30, 2030, B sold machinery with carrying amount of P200,000 for P240,000. The remaining useful life of the machine is five years. On December 31, 2030, P and B reported net income from their own operation amounting to P1,000,000 and P600,000, respectively. B also paid dividend of P200,000. Requirements: 1. non-controlling interest in net income for 2030? 2. consolidated net income attributable to parent for 2030?
Chapter20: Corporations: Distributions In Complete Liquidation And An Overview Of Reorganizations
Section: Chapter Questions
Problem 35P
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P Corp acquired 90% of the outstanding ordinary share of B Company. On March 31, 2030, P sold equipment to B Company costing P150,000, with
Requirements:
1. non-controlling interest in net income for 2030?
2. consolidated net income attributable to parent for 2030?
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