Reference no: EM133093576
Question - On January 2, 2019, Paul Company acquired 80% of the common stock of Silas Corporation for P200,000. On this date, Silas Corporation had total owners' equity of P200,000 (including retained earnings of P100, 000). During 2019 and 2020, Paul Company has appropriately accounted for its investment in Silas Corporation using the cost method. The following trial balances were prepared for the Paul and Silas Companies for December 31, 2020:
|
|
Paul Company
|
Silas Corporation
|
|
Inventory, December 31
|
130,000
|
50,000
|
|
Other current assets
|
241,000
|
235,000
|
|
Investment in Silas Corporation
|
200,000
|
|
|
Other long term-investments
|
20,000
|
|
|
Land
|
140,000
|
80,000
|
|
Buildings and equipment
|
375,000
|
200,000
|
|
Accumulated depreciation
|
(120,000)
|
(30,000)
|
|
Intangible assets
|
|
20,000
|
|
Current liabilities
|
(150,000)
|
(70,000)
|
|
Non-current liabilities
|
(200,000)
|
(150,000)
|
|
Common stock
|
(200,000)
|
(50,000)
|
|
Additional paid in capital
|
(100,000)
|
(50,000)
|
|
Retained earnings, January 1, 2020
|
(280,000)
|
(150,000)
|
|
Sales
|
(800,000)
|
(315,000)
|
|
Cost of goods sold
|
350,000
|
150,000
|
|
Operating expenses
|
150,000
|
60,000
|
|
Dividend income
|
(16,000)
|
|
|
Dividends declared
|
60,000
|
20,000
|
Additional information:
1. Any excess of cost over book value is attributable to inventory (worth P15,000 more than cost), to equipment (worth P20,000 more than book value), and to goodwill. FIFO is used for inventories. The equipment has a remaining life of 4years, and straight-line depreciation is used.
2. In January 2020, Paul Company held merchandise acquired from Silas Corporation for P20,000. During 2020, Silas Corporation sold merchandise to Paul Company for P40,000, P10,000 of which is still held by Paul Company on December 31,2020. Silas Corporation's usual gross profit is 25%
3. On January 1, 2020, Paul Company sold equipment to Silas Corporation at a gain of P15,000. Depreciation is being computed using the straight-line method, a 5- year life, and no salvage value.
Required -
How much is the NCINAS?
What is the amount of NCI Share on the Undistributed Adjusted RE of Silas?
How much is the consolidated Sales?
What is the amount of Cost of Goods Sold in the consolidated FS?
What is the amount of consolidated Building and Equipment?
How much is the consolidated amount of Accumulated Depreciation?
What is the amount of CNI?
How much is the NCINIS?
What is the amount of Goodwill or (Gain from acquisition)?
What is the amount of Consolidated SHE?
How much is the income attributable to Parent/Controlling Interest?
How much is the balance of Inventory in the consolidated FS?
How much is the CRE for 2020?
What is the amount of CRE as of 12/31/2019?
How much is the Operating Expenses in the consolidated FS?