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What is the consolidated retained earnings on December

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Question - On January 2, 2017, Problem Corporation purchase 80 percent of Solve Company's common stock for P216,000. P10,000 of the excess is attributed to goodwill and the balance to a property and equipment with an economic life of ten years. On the date of acquisition, Solve Company reported common stock outstanding of P80,000 and retained earnings of P140,000, and Problem Corporation reported common stock outstanding of P350,000 and retained earnings of P520,000.

On December 31, 2017, Solve Company reported comprehensive income of P35,000 and paid dividends of P15,000, Problem Corporation reported CI from its separate operations of P95,000 and paid dividends of P46,000.

What is the consolidated CI on December 31, 2017?

In the preparation of consolidated financial statements, what are the elimination entries needed?

On December 31, 2017, how much is the NCI in CI of the subsidiary?

What is the balance of NCI on December 31, 2017?

What is the consolidated retained earnings on December 31, 2017?

Reference no: EM133050461

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