What adjustments should be made to the consolidated

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Reference no: EM133346050

Question: The Lakers Company owns 75% of The Viking Company. On December 31, 2016, the last day of the accounting period. Vikings sold to Lakers a noncurrent asset for P200,000. The asset's original cost was

P500,000 and on December 31, 2016 its carrying amount in Viking's books was P160,000. The group's consolidated statement of financial position has been drafted without any adjustments in relation to

this non-current asset. What adjustments should be made to the consolidated statement of financial position figures for retained earnings and non-controlling interest?

` (Retained earnings) (Non-controlling interest)

a. Increase by P225,000 Increase by P75,000

b. Increase by P300,000 No change

c. Reduce by P30,000 Reduce by P10,000

d. Reduce by P40,000 No change

Reference no: EM133346050

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