On January 2, 2020, P Company purchased 80% of the outstanding shares of S Company by paying P300,000. On this date, S had Share Capital and Retained Earnings amounting to P150,000 and P230,000 respectively. Also, on this date, an equipment was undervalued by P20,000 with remaining useful life of 10 years. On the same date, P had P1,000,000 of Share Capital and P700,000 of Retained Earnings. P and S reported the following for the year ended December 31, 2020: Net Income P- 338,000 S- 150,000 Dividends paid P - 200,000 S- 100,000 On October 1, 2020, P sold a machinery with a 5-year remaining useful life costing P1,500,000 with accumulated depreciation of P1,000,000 for P530,000 to S. How much is the Net Income Attributable to Parent? *

On January 2, 2020, P Company purchased 80% of the outstanding shares of S Company by paying P300,000. On this date, S had Share Capital and Retained Earnings amounting to P150,000 and P230,000 respectively. Also, on this date, an equipment was undervalued by P20,000 with remaining useful life of 10 years. On the same date, P had P1,000,000 of Share Capital and P700,000 of Retained Earnings. P and S reported the following for the year ended December 31, 2020: Net Income P- 338,000 S- 150,000 Dividends paid P - 200,000 S- 100,000 On October 1, 2020, P sold a machinery with a 5-year remaining useful life costing P1,500,000 with accumulated depreciation of P1,000,000 for P530,000 to S. How much is the Net Income Attributable to Parent? *

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

5) Explain why we de-lever and re-lever the PL.
Q23
how to find ADF
Hansen Corporation. a C Corporation (mot a manufacturer) reports the following items in income and expenses for 2021 Gross Revenue $900,000 Dividend Received from 30% owned Corp 200,000 LTCG 30,000 STCL 12000 City of Lee's Summit Bond Interest 10000 COGS 375000 Administrative Expenses 325000 Charitable Contribution 60,000 Compute Hansen's C Corp Taxable income?
need help with question 6
12-10
pls answer no. 4 and 5
Num.10
6 The main difference between US GAAP and IFRS is?