Question 3. What is the consolidated net income attributable to parent for the year 2020? Question 4. What is the NCI in S Company as of December 31, 2020? Question 5. Compute the Stockholders’ Equity of S Company on December 31, 2020.
On December 31, 2019, P Company purchased 70% of the outstanding stocks of S Company for P271,000 including a control premium of P5,000. On that day, S Company had P100,000 of capital stock and P250,000 of
For 2020, P Company had income of P200,000 from its own operations and paid dividends of P100,000. For 2020, S Company reported an Income of P30,000 and paid dividends of P20,000. All assets and liabilities of S Company have book values approximately equal to their book values.
The beginning inventory of P Company includes P6,000 of merchandise purchased from S Company on December 31, 2019 at 150% of cost. The ending inventory of P Company includes P9,000 of merchandise purchased from S Company at the same mark up. P Company uses FIFO inventory costing. Impairment test of the goodwill shows that 20% will be considered a loss for 2020 consolidated balances.
Question 3. What is the consolidated net income attributable to parent for the year 2020?
Question 4. What is the NCI in S Company as of December 31, 2020?
Question 5. Compute the
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