Reference no: EM132681228
Problem - On January 2, 2017, D Corporation purchased 80% of the outstanding shares of C Company for P 4,750,000. At that date, C had P 4,000,000 of ordinary shares outstanding and retained earnings of P 1,800,000.
C's equipment with a remaining life of 5 years had a book value of P 2,250,000 and a fair value of P 2,630,000. C's remaining assets had book value equal to their fair values.
All intangibles except goodwill are expected to have remaining lives of 8 years.
The income and dividend ?gures for both D and C are as follows: Net income of D in 2017 is P 900,000; 2018 is P 1,100,000. Net income of C in 2017 is P 340,000; 2018 is P 510,000.
Dividends of D in 2017 is P 220,000; 2018 is P 390,000. Dividends of C in 2017 is P 10,000; 2018 is P 130,000.
D's retained earnings balance at the date of acquisition was P 3,450,000.
How much is the consolidated retained earnings attributable to controlling interest in 2018?
Share of D Corporation in the adjusted and undistributed earnings of C Company in 2017?
How much is the consolidated profit in 2018?
How much is the non-controlling interest in net assets in 2017?