Compute for:a. Net income attributable to parentb. Non-controlling interest in net income shares o XSCRIBDO ScribdO ScribdO ScribdG cost of g xG scribd A* Messenc xb My Que: XA (3) (PDFA scribd.com/embeds/421935931/content?start_page=1&view_mode=scroll&access_key=key-DXFMtVntRav5tIToCCWRO (Error :E AppsMessengerO LTE Wireless RouterM GMAILO SCRIBD TO PDF DO.E Reading listACCOUNTING TUTORIAL SESSIONAdvanced Financial Accounting & Reporting - 2COMPREHENSIVE PROBLEMSProblem 1. Awesome Corporation acquired 80% interest in Amazing Company on January 2, 2013 for P 2,950,000. On this date, theshare capital and retained earnings of the two companies follow:AmazingP 2,520,000AwesomeShare CapitalRetained E arningsP 6,000,0003,000,000200,000On January 2, 2013, the as sets and liabilities of Amazing Co. were stated at their fair values except for machinery which is undervaluedby P 330,000 with a remaining useful life of 4 years. On September 30, 2014, Ama zing sold merchandise to Awes ome at an intercompanyprofit of P 150,000; 25% was s til uns old at year-end. Likewis e, on October 1, 2014, Amazing purchased merchandise from Awesomefor P2,500,000. The selling affiliate included a 120% mark-up on cost on this sale. Only 75% of these purchas es had been sold tounrelated parties as of December 31, 2014. As of December 31, 2014, goodwill was determined to be impaired by P 67,500. Thefollowing summary of the 2013 transactions of the affiliated companies:AwesomeAmazingP 650,000Net incomeP 1,300,000Dividends declared and paid600,000120,000On the 2014 consolidated financial statements how much would be the:E SCRIBD4of 49:09 AMP SearchL5/27/2021近

Consolidation is the way toward obtaining the over half value share capital of the little…

Answered: Compute for: a. Net income…

Business

Accounting

Compute for: a. Net income attributable to parent b. Non-controlling interest in net income

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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Question

Compute for:

a. Net income attributable to parent

b. Non-controlling interest in net income

shares o X
SCRIBD
O Scribd
O Scribd
O Scribd
G cost of g x
G scribd A
* Messenc x
b My Que: X
A (3) (PDF
A scribd.com/embeds/421935931/content?start_page=1&view_mode=scroll&access_key=key-DXFMtVntRav5tIToCCWR
O (Error :
E Apps
Messenger
O LTE Wireless Router
M GMAIL
O SCRIBD TO PDF DO.
E Reading list
ACCOUNTING TUTORIAL SESSION
Advanced Financial Accounting & Reporting - 2
COMPREHENSIVE PROBLEMS
Problem 1. Awesome Corporation acquired 80% interest in Amazing Company on January 2, 2013 for P 2,950,000. On this date, the
share capital and retained earnings of the two companies follow:
Amazing
P 2,520,000
Awesome
Share Capital
Retained E arnings
P 6,000,000
3,000,000
200,000
On January 2, 2013, the as sets and liabilities of Amazing Co. were stated at their fair values except for machinery which is undervalued
by P 330,000 with a remaining useful life of 4 years. On September 30, 2014, Ama zing sold merchandise to Awes ome at an intercompany
profit of P 150,000; 25% was s til uns old at year-end. Likewis e, on October 1, 2014, Amazing purchased merchandise from Awesome
for P2,500,000. The selling affiliate included a 120% mark-up on cost on this sale. Only 75% of these purchas es had been sold to
unrelated parties as of December 31, 2014. As of December 31, 2014, goodwill was determined to be impaired by P 67,500. The
following summary of the 2013 transactions of the affiliated companies:
Awesome
Amazing
P 650,000
Net income
P 1,300,000
Dividends declared and paid
600,000
120,000
On the 2014 consolidated financial statements how much would be the:
E SCRIBD
4
of 4
9:09 AM
P Search
L
5/27/2021
近

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