1. At what amount will the gain on sale of building appear on the consolidated/group income statement of Power and Speed for the year 2019 should be:2. The consolidated depreciation expense for 2019 should be Income statement information for the year 2019 from the separatefinancial statements of Power corporation and its 75% ownedsubsidiary, Speed corporation is as follows:P CorpP1,000,00020,000500,000100,000S corpSalesP460,000Gain On sale of buildingCost of SalesDepreciation expenseOther operating expense260,00060,00040,000P100,000200,000P220,000Net incomePower gain on sale of builing relates to a building with a book value ofP40,000 and a 10-year remaining useful life that was sold to Skype forP60,000 on January 1, 2018. Skype declared P100,000 dividends during theyear.

In a consolidated financial statement, the whole amount of parent net income is recognized in the…

Income statement information for the year 2019 from the separate financial statements of Power corporation and its 75% owned subsidiary, Speed corporation is as follows: P corp P1,000,000 20,000 500,000 100,000 200,000 P220,000 S corp Sales P460,000 Gain On sale of building Cost of Sales Depreciation expense Other operating expense 260,000 60,000 40,000 P100,000 Net income ower gain on sale of builing relates to a building with a book value of 40,000 and a 10-year remaining useful life that was sold to Skype for 60,000 on January 1, 2018. Skype declared P100,000 dividends during the rear.

Income statement information for the year 2019 from the separate financial statements of Power corporation and its 75% owned subsidiary, Speed corporation is as follows: P corp P1,000,000 20,000 500,000 100,000 200,000 P220,000 S corp Sales P460,000 Gain On sale of building Cost of Sales Depreciation expense Other operating expense 260,000 60,000 40,000 P100,000 Net income ower gain on sale of builing relates to a building with a book value of 40,000 and a 10-year remaining useful life that was sold to Skype for 60,000 on January 1, 2018. Skype declared P100,000 dividends during the rear.

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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