Solution-How much is the net income attributable to parent

How much is the net income attributable to parent

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Reference no: EM133139481

Question - On January 2, 2021, Parent Company purchased 90% of the outstanding shares of Subsidiary Company by paying P300,000. On this date, Subsidiary had Share Capital and Retained Earnings amounting to P150,000 and P230,000 respectively. Also, on this date, an equipment was undervalued by P20,000 with remaining useful life of 10 years. On the same date, Parent had P1,000,000 of Share Capital and P700,000 of Retained Earnings. Parent and Subsidiary reported the following for the year ended December 31, 2021 (see image below). On July 31, 2021, Parent sold a machinery with a 5-year remaining useful life costing P1,500,000 with accumulated depreciation of P1,000,000 for P530,000 to Subsidiary.

	Parent	Subsidiary
Net Income	338,000	150,000
Dividends paid	200,000	100,000

Required -

1. How much is the Consolidated Retained Earnings at December 31, 2021?

2. How much is the Net Income Attributable to Parent?

3. How much is the Consolidated Net Income?

4. How much is the Net Income Attributable to NCI?

Reference no: EM133139481

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How much is the net income attributable to parent

Reference no: EM133139481

Reference no: EM133139481

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