How much is the net income attributable

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Reference no: EM132817810

On January 1, 2020, Pusoy Company purchased 70% of the oustanding shares of Songkiyan Company at cost of P500,000. On th acquisition date, the outstanding ordinary shares of Songkiyan had a balance of P700,000, while accumulated profits had a balance of P100,000. All the book values of assets and liabilities of Songkiyan approximated their fair values except for an equipment for an equipment which was understated by P50,000. For the year 2020, Pusoy sold an equipment to Songkiyan, reporting a gain on sale of P25,000 on July 1, 2020, and Songkiyan on the other hand, sold a machine to Pusoy reporting loss of P10,000 on October 1, 2020. Pusoy reported net income of P250,000 and declared dividends of P40,000 and reported an accumulated profits balance as at December 31, 2020 of P350,000. Songkiyan reported net income for the year of P150,000 and declared dividends of P20,000. The remaining useful lifes of the property, plant and equipment as of January 1, 2020 for both companies are 4 years for machinery and 5 years for equipment.

Problem 1: How much is the net income to be shown in the consolidated financial statement for the period December 31, 2020?

Problem 2: How much is the net income attributable to the owners of the parent?

Problem 3: How much is the non-controlling interest in net income of songkiyan for 2020?

Problem 4: How much is the non-controlling interest in net assets of songkiyan as at December 31, 2020?

Problem 5: How much is the consolidated accumulated profits as at December 31, 2020?

Reference no: EM132817810

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