Information for 2018 taken from the separate company income statements of Odette Company and its 60%-owned subsidiary, Lancelot Corporation is presented as follows: Odette Lancelot Company 168,000 Corporation 392,500 Profit On April 1, 2018, Lancelot sold equipment with a carrying value of P30,000 to Odette for P60,000. The equipment is expected to have a remaining useful life of five years from April 1, 2018. Moreover, Lancelot also sold other items of its properties during 2018 resulting to a total gain of P25,500. On September 30, 2018, Odette sold machinery with a carrying value of 40,000 to Lancelot for P25,000. The machinery is expected to last for ten years from the date of sale. 34. How much is the profit attributable to the controlling interest for 2018? A. 386,775 B. 387,600 C. 402,600 D. 402,825 35. How much is the profit attributable to the minority interest for 2018? A. 146,800 B. 147,400 C. 162,400 D. 162,850

Information for 2018 taken from the separate company income statements of Odette Company and its 60%-owned subsidiary, Lancelot Corporation is presented as follows: Odette Lancelot Company 168,000 Corporation 392,500 Profit On April 1, 2018, Lancelot sold equipment with a carrying value of P30,000 to Odette for P60,000. The equipment is expected to have a remaining useful life of five years from April 1, 2018. Moreover, Lancelot also sold other items of its properties during 2018 resulting to a total gain of P25,500. On September 30, 2018, Odette sold machinery with a carrying value of 40,000 to Lancelot for P25,000. The machinery is expected to last for ten years from the date of sale. 34. How much is the profit attributable to the controlling interest for 2018? A. 386,775 B. 387,600 C. 402,600 D. 402,825 35. How much is the profit attributable to the minority interest for 2018? A. 146,800 B. 147,400 C. 162,400 D. 162,850

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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Concept explainers

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

Question

Information for 2018 taken from the separate company income statements of Odette Company and its 60%-owned
subsidiary, Lancelot Corporation is presented as follows:
Odette
Lancelot
Company
168,000
Corporation
392,500
Profit
On April 1, 2018, Lancelot sold equipment with a carrying value of P30,000 to Odette for P60,000. The equipment is
expected to have a remaining useful life of five years from April 1, 2018. Moreover, Lancelot also sold other items of
its properties during 2018 resulting to a total gain of P25,500.
On September 30, 2018, Odette sold machinery with a carrying value of 40,000 to Lancelot for P25,000. The machinery
is expected to last for ten years from the date of sale.
34. How much is the profit attributable to the controlling interest for 2018?
A. 386,775
B. 387,600
C. 402,600
D. 402,825
35. How much is the profit attributable to the minority interest for 2018?
A. 146,800
B. 147,400
C. 162,400
D. 162,850

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