Questions:a. How much is the Consolidated Gross Profit in 2022?b. Based on the problem, how much is the Net Income Attributable to Parent?c. Based on the problem, how much is the Net Income Attributable to NCI? Pinoy Company purchased 75% interest of Smart Company by paying P250,000 cash, issuing shares with a fair value of P1,600,000 andissuing a bond debenture with a fair value of P380,000 on January 2, 2022. The stockholders' equity of Pinoy and Smart at the date ofacquisition were as follows:PinoySmartShare CapitalShare PremiumRetained EarningsSalesCost of SalesDividend RevenueNet IncomeIntercompany sales during the year are as follows:CostPinoy to SmartSmart to Pinoy1,600,000900,0004,860,000The book value of the net assets of Smart reflected the fair value except that the inventory was overvalued by P30,000 and the equipmentwith remaining useful life of 5 years was overdepreciated by 75,000. The parent elected to measure NCI using proportionate method.The goodwill, if any, should be impaired by 20% at the end of the year. Below is the result of operations in 2022:PS2,496,0001,650,0007,500,0005,000,000150,000800,000Selling Price600,000960,0001,470,0003,900,0002,750,0004,500,0003,000,000500,000Sold at year-end80%75%

To compute the consolidated gross profit in 2022, we need to first determine the total sales and…

Answered: . How much is the Consolidated Gross…

Business

Accounting

. How much is the Consolidated Gross Profit in 2022?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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