On July 1, 20x6 TRUST Company purchased 80% of the outstanding shares of DUREX Company at a cost of Pl,600,000
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On July 1, 20x6 TRUST Company purchased 80% of the outstanding shares of DUREX Company at a cost of Pl,600,000. on that date, DUREX had P1,000,000 of capital stock and P1,400,0a00 of
In the December 31, 20x6 consolidated
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- On Jan 1, 20X8, Banawe Company purchased 80% of the outstanding shares of Malate Company at a cost of P4,000,000. On that date, Malate had P2,500,000 of capital stock and P3,500,000 of retained earnings. For 20X8, Banawe had income of P1,400,000 form its separate operations and paid dividends of P750,000. Malate on the other hand reported income of P325,000 and paid dividends of P150,000 on December 1, 20X8. All the assets and liabilities of Malate have book values equal to their fair market values. Assume all income was earned evenly throughout the year except for an intercompany transaction on October 1, 20X8 when Banawe purchased a machinery from Malate for P500,000. The book value of the machinery on that date amounted to P600,000 and accumulated depreciation of P400,000 and is already reflected in the income of Malate indicated above. The machinery is expected to have a remaining useful life of 5 years from the date of sale. In the December 31, 20X8 consolidated financial…On Jan 1, 20X8, Banawe Company purchased 80% of the outstanding shares of Malate Company at a cost of P4,000,000. On that date, Malate had P2,500,000 of capital stock and P3,500,000 of retained earnings. For 20X8, Banawe had income of P1,400,000 form its separate operations and paid dividends of P750,000. Malate on the other hand reported income of P325,000 and paid dividends of P150,000 on December 1, 20X8. All the assets and liabilities of Malate have book values equal to their fair market values. Assume all income was earned evenly throughout the year except for an intercompany transaction on October 1, 20X8 when Banawe purchased a machinery from Malate for P500,000. The book value of the machinery on that date amounted to P600,000 and accumulated depreciation of P400,000 and is already reflected in the income of Malate indicated above. The machinery is expected to have a remaining useful life of 5 years from the date of sale. In the December 31, 20X8 consolidated financial…On Jan 1, 20X8, Banawe Company purchased 80% of the outstanding shares of Malate Company at a cost of P4,000,000. On that date, Malate had P2,500,000 of capital stock and P3,500,000 of retained earnings. For 20X8, Banawe had income of P1,400,000 form its separate operations and paid dividends of P750,000. Malate on the other hand reported income of P325,000 and paid dividends of P150,000 on December 1, 20X8. All the assets and liabilities of Malate have book values equal to their fair market values. Assume all income was earned evenly throughout the year except for an intercompany transaction on October 1, 20X8 when Banawe purchased a machinery from Malate for P500,000. The book value of the machinery on that date amounted to P600,000 and accumulated depreciation of P400,000 and is already reflected in the income of Malate indicated above. The machinery is expected to have a remaining useful life of 5 years from the date of sale. In the December 31, 20X8 consolidated financial…
- On January 1, 20x2, Pfieter Company purchased 80 percent of the outstanding shares of Sedrosky Company at acost of P1,080,000. On that date, Sedrosky Company had P600,000 worth of ordinary shares and P750,000 worth ofaccumulated profits.For 20x2, Sedrosky Company reported income of P270,000 and paid dividends of P90,000. All of the assets andliabilities of Sedrosky Company are at fair market value.On December 31, 20x2, Pfieter Company sold equipment to Sedrosky Company for P112,500 that had a cost ofP67,500. The equipment is expected to have a useful life of 10 years from this date.For the year 20x2, Pfieter Company reported income from its own operations in the amount of P300,000, whichincluded the gain of P45,000 on equipment sold to Sedrosky Company.REQUIREMENTS:1. Prepare the elimination entries for 20x22. Compute for the following:a. Amount to be shown as consolidated net income.b. Net income attributable to owners of the parent.On January 1, 20x2, Pfieter Company purchased 80 percent of the outstanding shares of Sedrosky Company at acost of P1,080,000. On that date, Sedrosky Company had P600,000 worth of ordinary shares and P750,000 worth ofaccumulated profits.For 20x2, Sedrosky Company reported income of P270,000 and paid dividends of P90,000. All of the assets andliabilities of Sedrosky Company are at fair market value.On December 31, 20x2, Pfieter Company sold equipment to Sedrosky Company for P112,500 that had a cost ofP67,500. The equipment is expected to have a useful life of 10 years from this date.For the year 20x2, Pfieter Company reported income from its own operations in the amount of P300,000, whichincluded the gain of P45,000 on equipment sold to Sedrosky Company. Requirement: c. Non-controlling Interest in Net Income of Subsidiary for 20x2.d. Non-controlling Interest in Net Assets of Subsidiary as of December 31, 20x2.On January 1, 20x2, Pfieter Company purchased 80 percent of the outstanding shares of Sedrosky Company at a cost of P1,080,000. On that date, Sedrosky Company had P600,000 worth of ordinary shares and P750,000 worth of accumulated profits. For 20x2, Sedrosky Company reported income of P270,000 and paid dividends of P90,000. All of the assets and liabilities of Sedrosky Company are at fair market value. On December 31, 20x2, Pfieter Company sold equipment to Sedrosky Company for P112,500 that had a cost of P67,500. The equipment is expected to have a useful life of 10 years from this date. For the year 20x2, Pfieter Company reported income from its own operations in the amount of P300,000, which included the gain of P45,000 on equipment sold to Sedrosky Company. What is the Non-controlling Interest in Net Assets of Subsidiary as of December 31, 20x2?
- On January 1, 20x2, Pfieter Company purchased 80 percent of the outstanding shares of Sedrosky Company at a cost of P1,080,000. On that date, Sedrosky Company had P600,000 worth of ordinary shares and P750,000 worth of accumulated profits. For 20x2, Sedrosky Company reported income of P270,000 and paid dividends of P90,000. All of the assets and liabilities of Sedrosky Company are at fair market value. On December 31, 20x2, Pfieter Company sold equipment to Sedrosky Company for P112,500 that had a cost of P67,500. The equipment is expected to have a useful life of 10 years from this date. For the year 20x2, Pfieter Company reported income from its own operations in the amount of P300,000, which included the gain of P45,000 on equipment sold to Sedrosky Company. Compute the amount to be shown as consolidated net income.On January 1, 20x2, Pfieter Company purchased 80 percent of the outstanding shares of Sedrosky Company at a cost of P1,080,000. On that date, Sedrosky Company had P600,000 worth of ordinary shares and P750,000 worth of accumulated profits.For 20x2, Sedrosky Company reported income of P270,000 and paid dividends of P90,000. All of the assets and liabilities of Sedrosky Company are at fair market value.On December 31, 20x2, Pfieter Company sold equipment to Sedrosky Company for P112,500 that had a cost of P67,500. The equipment is expected to have a useful life of 10 years from this date.For the year 20x2, Pfieter Company reported income from its own operations in the amount of P300,000, which included the gain of P45,000 on equipment sold to Sedrosky Company.REQUIREMENTS: c. Non-controlling Interest in Net Income of Subsidiary for 20x2. d. Non-controlling Interest in Net Assets of Subsidiary as of December 31, 20x2.On January 1, 20x2, Pfieter Company purchased 80 percent of the outstanding shares of Sedrosky Company at a cost of P1,080,000. On that date, Sedrosky Company had P600,000 worth of ordinary shares and P750,000 worth of accumulated profits.For 20x2, Sedrosky Company reported income of P270,000 and paid dividends of P90,000. All of the assets and liabilities of Sedrosky Company are at fair market value.On December 31, 20x2, Pfieter Company sold equipment to Sedrosky Company for P112,500 that had a cost of P67,500. The equipment is expected to have a useful life of 10 years from this date.For the year 20x2, Pfieter Company reported income from its own operations in the amount of P300,000, which included the gain of P45,000 on equipment sold to Sedrosky Company.REQUIREMENTS: a. Amount to be shown as consolidated net income. b. Net income attributable to owners of the parent.
- On January 1, 20x2, Pfieter Company purchased 80 percent of the outstanding shares of Sedrosky Company at a cost of P1,080,000. On that date, Sedrosky Company had P600,000 worth of ordinary shares and P750,000 worth of accumulated profits. For 20x2, Sedrosky Company reported income of P270,000 and paid dividends of P90,000. All of the assets and liabilities of Sedrosky Company are at fair market value. On December 31, 20x2, Pfieter Company sold equipment to Sedrosky Company for P112,500 that had a cost of P67,500. The equipment is expected to have a useful life of 10 years from this date. For the year 20x2, Pfieter Company reported income from its own operations in the amount of P300,000, which included the gain of P45,000 on equipment sold to Sedrosky Company. Compute the Non-controlling Interest in Net Income of Subsidiary for 20x2.On January 1, 20x2, Pfieter Company purchased 80 percent of the outstanding shares of Sedrosky Company at a cost of P1,080,000. On that date, Sedrosky Company had P600,000 worth of ordinary shares and P750,000 worth of accumulated profits. For 20x2, Sedrosky Company reported income of P270,000 and paid dividends of P90,000. All of the assets and liabilities of Sedrosky Company are at fair market value. On December 31, 20x2, Pfieter Company sold equipment to Sedrosky Company for P112,500 that had a cost of P67,500. The equipment is expected to have a useful life of 10 years from this date. For the year 20x2, Pfieter Company reported income from its own operations in the amount of P300,000, which included the gain of P45,000 on equipment sold to Sedrosky Company. Prepare the elimination entries for 20x2.On January 1, 20x2, Pfieter Company purchased 80 percent of the outstanding shares of Sedrosky Company at a cost of P1,080,000. On that date, Sedrosky Company had P600,000 worth of ordinary shares and P750,000 worth of accumulated profits.For 20x2, Sedrosky Company reported income of P270,000 and paid dividends of P90,000. All of the assets and liabilities of Sedrosky Company are at fair market value.On December 31, 20x2, Pfieter Company sold equipment to Sedrosky Company for P112,500 that had a cost of P67,500. The equipment is expected to have a useful life of 10 years from this date.For the year 20x2, Pfieter Company reported income from its own operations in the amount of P300,000, which included the gain of P45,000 on equipment sold to Sedrosky Company. Compute for the following: a. Amount to be shown as consolidated net income. b. Net income attributable to owners of the parent. c. Non-controlling Interest in Net Income of Subsidiary for 20x2.