Parent Corporation acquired 80% of Subsidiary Co. for P 5,000,000 on January 2, 2021. On this date, Subsidiary Co. reported Ordinary share capital of P 3,000,000 and Retained Earnings of P2,000,000. Investment is accounted for using the cost method. Change in assets to fair values were undervaluation of P 300,000 and P400,000 in Equipment and Building respectively. Both assets have 10-year remaining useful life. An annual review revealed that goodwill has not been impaired. Subsidiary Co. earned income and paid dividends as follows: 2021 2022 2023 Net Income 1,000,000 1,200,000 1,3000,000 Dividends 400,000 500,000 600,000 The Non-Controlling interest in the net income of Subsidiary Co. at December 31. 2022 is:
Parent Corporation acquired 80% of Subsidiary Co. for P 5,000,000 on January 2, 2021. On this date, Subsidiary Co. reported Ordinary share capital of P 3,000,000 and
Subsidiary Co. earned income and paid dividends as follows:
2021 2022 2023
Net Income 1,000,000 1,200,000 1,3000,000
Dividends 400,000 500,000 600,000
The Non-Controlling interest in the net income of Subsidiary Co. at December 31. 2022 is:
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