Entity P owns 70,000 shares of Entity S 100,000 shares outstanding. CDecember 31, 2022 in Entity P's consolidated financial statements, tOn January 1, 2023, Entity P decides to sell 50,000 shares in Entity S tosthird party in exchange for cash of P800,000. As a result of this transactioncarrying value of Entity S net assets is P1,000,000 and the carrying vEntity P losses control of Entity S but retains 20% interest, valuedinterest's share of the accumulated other comprehensiveHow much is the gain or loss on disposal of Entity P's share?Onthevalueof non-controlling interest in subsidiary (including the non-ComuP300,000.income)P150,000 on that date.How much is the gain or loss on disposal of Entity P's share?

As per PFRS 10, when the parent company sale partial interest in a subsidiary and loss control over…

of non-controlling interest in subsidiary (including the non-controlli Entity P owns 70,000 shares of Entity S 100,000 shares outstanding. " December 31, 2022 in Entity P's consolidated financial statements, t carrying value of Entity S net assets is P1,000,000 and the carrying v interest's share of the accumulated other comprehensive income) On January 1, 2023, Entity P decides to sell 50,000 shares in Entity Sto third party in exchange for cash of P800,000. As a result of this transactio Entity P losses control of Entity S but retains 20% interest, valued carrying value of Entity S net assets is P1.000.000 and the carryine di val P300,000. P150,000 on that date. How much is the gain or loss on disposal of Entity P's share

of non-controlling interest in subsidiary (including the non-controlli Entity P owns 70,000 shares of Entity S 100,000 shares outstanding. " December 31, 2022 in Entity P's consolidated financial statements, t carrying value of Entity S net assets is P1,000,000 and the carrying v interest's share of the accumulated other comprehensive income) On January 1, 2023, Entity P decides to sell 50,000 shares in Entity Sto third party in exchange for cash of P800,000. As a result of this transactio Entity P losses control of Entity S but retains 20% interest, valued carrying value of Entity S net assets is P1.000.000 and the carryine di val P300,000. P150,000 on that date. How much is the gain or loss on disposal of Entity P's share

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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