osidiary for 2021?b. P6,000P5,000d. P6,100с.3. Phantom Corp. has a 70% interest in the outstanding shares of ShalomCo. On January 1, 2022, Shalom Co. sold to Phantom a machinery forP360,000. The machinery was acquired by Shalom four years ago atP500,000, estimated life of 10 years. In 2022, Phantom and Shalomreported net income of P500,000 (cost method) and P200,000,respectively.amounted to P50,000.Dividends declared and paid by Shalom in 2022Determine the consolidated net income for 2022.a. P525,000b.P611,000c. P615,000d. P570,000ntrolling interest in net income in 2022?

In the context of given problem, the following adjustments are required to be made with the net…

Answered: Determine the consolidated 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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ements What is the total Wealth Accumulation of the following investment assuming the available after tax reinvestment rate is 5%? IRR 10.70% O $4,690,000 O $4,821,078 O $4,848,844 $4,905.989 n 0 $ 1 S 2 $ 3 $ AS 5 $ Investment $ (3,000,000) 240,000 250,000 260,000 266,000 3,674,000
54. In relation to transaction #1, How much is the capital gains tax due, if any? A. PO C. P300,000 B. P360,000. D. P450,000
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Determine the consolidated net income for 2022. a. P525,000 b. P611,000 c. P615,000 d. P570,000