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On January 1 2020, ABC co. Acquired 70% of DEF Inc. at book value. On December 31, 2021 DEF sold a machine to DEF for P112,500. The machine on DEF's books has a book value of P75.000. ABC will use a 10-vear life. no salvage value. and straight line depreciation. For 2021. DEF reports net income of P137.500. Compute the non-controlling interest in net income of subsidiary is

On January 1 2020, ABC co. Acquired 70% of DEF Inc. at book value. On December 31, 2021 DEF sold a machine to DEF for P112,500. The machine on DEF's books has a book value of P75.000. ABC will use a 10-vear life. no salvage value. and straight line depreciation. For 2021. DEF reports net income of P137.500. Compute the non-controlling interest in net income of subsidiary is

FINANCIAL ACCOUNTING
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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On January 1 2020, ABC co. Acquired 70% of DEF Inc. at book value. On December 31, 2021 DEF sold a machine to DEF for P112,500. The machine on DEF's books has a book value of P75,000. ABC will use a 10-vear life. no salvage value. and straight line depreciation. For 2021. DEF reports net income of P137.500. Compute the non-controlling interest in net income of subsidiary is
Transcribed Image Text:On January 1 2020, ABC co. Acquired 70% of DEF Inc. at book value. On December 31, 2021 DEF sold a machine to DEF for P112,500. The machine on DEF's books has a book value of P75,000. ABC will use a 10-vear life. no salvage value. and straight line depreciation. For 2021. DEF reports net income of P137.500. Compute the non-controlling interest in net income of subsidiary is
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