ABC-DEF-PROFIT On January 3, 2021 ABC acquired 90% of DEF at book value. The following information is available:20222021Inventory, Dec. 31Intercompany cost of sales30,00020,00060,00060,000Downstream Sale120,000100,000Net income – DEF225,000Net Income - ABC200,000500,000550,000Compute for the Profit attributable to Equity Holders of Parent or Controlling Interest in Net Income for2022.

Parent-Subsidiary relationship is established when one company owns the majority interest of the…

On January 3, 2021 ABC acquired 90% of DEF at book value. The following information is available: 2022 2021 Inventory, Dec. 31 Intercompany cost of sales 30,000 20,000 60,000 60,000 120,000 225,000 Downstream Sale 100,000 200,000 Net income - DEF Net Income - ABC 550,000 500,000 Compute for the Profit attributable to Equity Holders of Parent or Controlling Interest in Net Income for 2022.

On January 3, 2021 ABC acquired 90% of DEF at book value. The following information is available: 2022 2021 Inventory, Dec. 31 Intercompany cost of sales 30,000 20,000 60,000 60,000 120,000 225,000 Downstream Sale 100,000 200,000 Net income - DEF Net Income - ABC 550,000 500,000 Compute for the Profit attributable to Equity Holders of Parent or Controlling Interest in Net Income for 2022.

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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