Questions:a. How much is the Net Income Attributable to Parent?b. How much is the Net Income Attributable to NCI?c. PROBLEM 3-4Company's ordinary share for P810,000. P37,500 of the excess (sum ofOn January 2, 2022, Prayer Corporation purchase 80% of Singerconsideration and NCI less book value of net assets) is attributable to(10) years. Non-controlling interest is measured at fair value on date ofgoodwill and the balance to depreciable asset with economic life of tenacquisition. On the date of acquisition, shareholder's equity of twocompanies are as follows:Ordinary ShareRetained EarningsPrayer CorporationP1,312,5001,950,000ofSinger CompanyP300,000525,000On December 31, 2022, Singer Company reported net income of P131,250and paid dividends of P45,000 to Prayer. Prayer reported earnings from itsown operations of P356,250 and paid dividends of P172,500. Goodwillhad been impaired and should be reported at P7,500 on December 31,2022.

a) Computation of net income attributable to parent: The Net Income attributable to Parent i) The…

Answered: Questions: a. How much is the Net…

Business

Accounting

Questions: a. How much is the Net Income Attributable to Parent?

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 19E

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Problem 3On January 1, 20x9, Maykaya Corporation acquired 80 percent of Galisod Company's common stock for P160,000 cash. The fair value of the non-controlling interest at that date was determined to be P40,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition:At the date of the business combination, the book values of Galisod’s net assets and liabilities approximated fair value except for inventory, which had a fair value of P45,000, and land, which had a fair value of P60,000 (using the full-goodwill approach). 1.What amount of total inventory will be reported in the consolidated balance sheet prepared immediately after the business combination?a. P130,000 b. P135,000c. P90,000d. P45,000 2. What amount of goodwill will be reported in the consolidated balance sheet prepared immediately after the business combination?a. P0b. P40,000c. P20,000d. P15,000 3. What amount of total assets will be reported in the consolidated…
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