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Animation's assets and liabilities were equal, except for other controlling interest was P70,000. The book values and fair values of date, Animation reported common stock outstanding of P200,000 Animation Company's common stock for P280,000 cash. At that On January 1, 2018, ABC Company acquired 80 percent of and retained earnings of P100,000, and the fair value of the hon intangible assets which had a fair value P50,000 greater than bong value and an 8-year remaining life. Animation reported the following data for 2018 and 2019: Year Dividends paid P5,000 P10,000 Net income 2018 P30,000 P45,000 2019 ABC reported net income of P100,000 and paid dividends of P30,000 for both the years. 17) Based on the preceding information, what is the amount of consolidated comprehensive income reported for 2018? a. P125,000 b. P123,750 c. P118,750 d. P130,000 18) Based on the preceding information, what is the amount of consolidated comprehensive income reported for 2019? a. P145,000 b. P135,000 C. P138,750 d. P128,750 19) Based on the preceding information, what is the amount of comprehensive income attributable to the controlling interest for 2018? a. P123,750 b. P118,750 C. P119,000 d. P104,000 20) Based on the preceding information, what is the amount of comprehensive income attributable to the controlling interest for 2019? a. P138,750 b. P131,000 C. P128,750

Animation's assets and liabilities were equal, except for other controlling interest was P70,000. The book values and fair values of date, Animation reported common stock outstanding of P200,000 Animation Company's common stock for P280,000 cash. At that On January 1, 2018, ABC Company acquired 80 percent of and retained earnings of P100,000, and the fair value of the hon intangible assets which had a fair value P50,000 greater than bong value and an 8-year remaining life. Animation reported the following data for 2018 and 2019: Year Dividends paid P5,000 P10,000 Net income 2018 P30,000 P45,000 2019 ABC reported net income of P100,000 and paid dividends of P30,000 for both the years. 17) Based on the preceding information, what is the amount of consolidated comprehensive income reported for 2018? a. P125,000 b. P123,750 c. P118,750 d. P130,000 18) Based on the preceding information, what is the amount of consolidated comprehensive income reported for 2019? a. P145,000 b. P135,000 C. P138,750 d. P128,750 19) Based on the preceding information, what is the amount of comprehensive income attributable to the controlling interest for 2018? a. P123,750 b. P118,750 C. P119,000 d. P104,000 20) Based on the preceding information, what is the amount of comprehensive income attributable to the controlling interest for 2019? a. P138,750 b. P131,000 C. P128,750

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Animation Company's common stock for P280,000 cash. At that On January 1, 2018, ABC Company acquired 80 percent of date, Animation reported common stock outstanding of P200,000 and retained earnings of P100,000, and the fair value of the non- Animation's assets and liabilities were equal, except for other controlling interest was P70,000. The book values and fair values of intangible assets which had a fair value P50,000 greater than book AVIRS MA 1:01 and Fetained earnings of P100,000, and the fair value of the non- intangible assets which had a fair value P50,000 greater than boOk value and an 8-year remaining life. Animation reported the following data for 2018 and 2019: Year Dividends paid P5,000 P10,000 ABC reported net income of P100,000 and paid dividends of Net income 2018 P30,000 P45,000 2019 P30,000 for both the years. 17) Based on the preceding information, what is the amount of consolidated comprehensive income reported for 2018? a. P125,000 b. P123,750 c. P118,750 d. P130,000 18) Based on the preceding information, what is the amount of consolidated comprehensive income reported for 2019? a. P145,000 b. P135,000 C. P138,750 d. P128,750 19) Based on the preceding information, what is the amount of comprehensive income attributable to the controlling interest for 2018? a. P123,750 b. P118,750 c. P119,000 d. P104,000 20) Based on the preceding information, what is the amount of comprehensive income attributable to the controlling interest for 2019? a. P138,750 b. P131,000 c. P128,750
Transcribed Image Text:Animation Company's common stock for P280,000 cash. At that On January 1, 2018, ABC Company acquired 80 percent of date, Animation reported common stock outstanding of P200,000 and retained earnings of P100,000, and the fair value of the non- Animation's assets and liabilities were equal, except for other controlling interest was P70,000. The book values and fair values of intangible assets which had a fair value P50,000 greater than book AVIRS MA 1:01 and Fetained earnings of P100,000, and the fair value of the non- intangible assets which had a fair value P50,000 greater than boOk value and an 8-year remaining life. Animation reported the following data for 2018 and 2019: Year Dividends paid P5,000 P10,000 ABC reported net income of P100,000 and paid dividends of Net income 2018 P30,000 P45,000 2019 P30,000 for both the years. 17) Based on the preceding information, what is the amount of consolidated comprehensive income reported for 2018? a. P125,000 b. P123,750 c. P118,750 d. P130,000 18) Based on the preceding information, what is the amount of consolidated comprehensive income reported for 2019? a. P145,000 b. P135,000 C. P138,750 d. P128,750 19) Based on the preceding information, what is the amount of comprehensive income attributable to the controlling interest for 2018? a. P123,750 b. P118,750 c. P119,000 d. P104,000 20) Based on the preceding information, what is the amount of comprehensive income attributable to the controlling interest for 2019? a. P138,750 b. P131,000 c. P128,750
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