P Company owns 70% of S Company’s common stocks acquired on January 1, 2016. S regularly sells merchandise to P at 150% of its cost. P’s December 31, 2016 and 2017 inventories include goods purchased inter-company of P450,000 and P132,000, respectively. The separate incomes of the affiliates are summarized as follows: (Year 2017) P S Sales 4,800,000 3,200,000 Cost of Sales (2,400,000) (2,000,000) Operating Expenses (1,600,000) (400,000) Separate Incomes 800,000 800,000 What is the consolidated net income attributable to minority interest for 2017?
P Company owns 70% of S Company’s common stocks acquired on January 1, 2016. S regularly sells merchandise to P at 150% of its cost. P’s December 31, 2016 and 2017 inventories include goods purchased inter-company of P450,000 and P132,000, respectively. The separate incomes of the affiliates are summarized as follows: (Year 2017)
P S
Sales 4,800,000 3,200,000
Cost of Sales (2,400,000) (2,000,000)
Operating Expenses (1,600,000) (400,000)
Separate Incomes 800,000 800,000
What is the consolidated net income attributable to minority interest for 2017?
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