CONSOLIDATION FOR SMES(excluding Intercompany Sales)PROBLEM I.P Corporation, an SME, paid P3,000,000 for a 90% interest in S Company on January 1, 2019. The stockholders of SCompany included share capital of P2,000,000 and retained earnings of P1,000,000. Of the excess of total consideration(purchase price plus NCI) over book value, P200,000 is attributable to undervalued inventories and the remainder togoodwill. All inventories are sold in 2019. S's net income for the year is P522,500 and P's net income is P1,500,000 includingdividends received from S in the amount of P90,000.1. How much is the NCI at the end of 2019?2. Net Income Attributable to Parent.

NCI: non-controlling interest (NCI) is an ownership stake of less than 50% in a corporation, where…

Answered: 1. How much is the NCI at the end of…

Business

Accounting

1. How much is the NCI at the end of 2019? 2. Net Income Attributable to Parent.

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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