How much is the non controlling interest in net income

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Problem 1: Several years ago Papa corporation acquired 80% of Mama company. Analysis of data relative to this purchase indicates that goodwill of P120,000 was acquired in this purchase. On October 1, 2018, Mama sold to Papa a use car for P64,000 in cash. Mama had originally paid P110,000 for the car. On the day of the sale, the car had a book value of P46,000. Papa estimated the remaining life of the car at 3 years. Papa' s net income from its own operations was P200,000 in 2018 and P150,000 in 2019. Mama's net income in 2018 is P120,000 and P180,000 in 2019. How much is the Non controlling interest in net income of subsidiary in 2018?

Reference no: EM132737309

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