On January 1, 2022, P Corp. purchased 80% of S Co.'s P10 par ordinary shares for P986,000. On this date, the carrying amount of S's net assets was P1,000,000. The fair values of S Co.'s identifiable assets and liabilities were the same as their carrying amounts except for plant assets (net), which were P120,000 in excess of the carrying amount. The estimated remaining life of the asset is 5 years. For the year ended December 31, 2022, S had net income of P290,000 and paid cash dividends totaling P125,000. Loss on impairment of goodwill in 2022 amounted to P20,000. P Corp. uses the proportionate method in measuring non-controlling interest. Determine the non-controlling interest in consolidated net income on December 31, 2022.
On January 1, 2022, P Corp. purchased 80% of S Co.'s P10 par ordinary shares for P986,000. On this date, the carrying amount of S's net assets was P1,000,000. The fair values of S Co.'s identifiable assets and liabilities were the same as their carrying amounts except for plant assets (net), which were P120,000 in excess of the carrying amount. The estimated remaining life of the asset is 5 years. For the year ended December 31, 2022, S had net income of P290,000 and paid cash dividends totaling P125,000. Loss on impairment of
Determine the non-controlling interest in consolidated net income on December 31, 2022.
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