Grumpy is a 90%-owned subsidiary of Margot Corporation, acquired at book value several years ago. Comparative separate company income statements for these affiliated corporations for 2019 are as follows: Margot Corporation P 750,000 54,000 15,000 P 819,000 P 500,000 150,000 P 650,000 P 169,000 On January 5, 2019 Margot sold a building with a 10-year remaining useful life to Grumpy as a Grumpy Corporation Sales . P350,000 Dividend income. Gain on building . Income credits . Cost of sales . Operating expenses Income debits. Net income.. P350,000 P200,000 75,000 P275,000 P 75,000 of P15,000. Grumpy paid dividends of P60,000 during 2019. The Non-controlling interest in net income for 2016:

Grumpy is a 90%-owned subsidiary of Margot Corporation, acquired at book value several years ago. Comparative separate company income statements for these affiliated corporations for 2019 are as follows: Margot Corporation P 750,000 54,000 15,000 P 819,000 P 500,000 150,000 P 650,000 P 169,000 On January 5, 2019 Margot sold a building with a 10-year remaining useful life to Grumpy as a Grumpy Corporation Sales . P350,000 Dividend income. Gain on building . Income credits . Cost of sales . Operating expenses Income debits. Net income.. P350,000 P200,000 75,000 P275,000 P 75,000 of P15,000. Grumpy paid dividends of P60,000 during 2019. The Non-controlling interest in net income for 2016:

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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