Compute for: a. Net income attributable to parent b. Non-controlling interest in net income
Compute for: a. Net income attributable to parent b. Non-controlling interest in net income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Compute for:
a. Net income attributable to parent
b. Non-controlling interest in net income
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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:
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4
of 4
9:09 AM
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5/27/2021
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Transcribed Image Text: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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