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Questions: a. How much is the Net Income Attributable to Parent?

Questions: a. How much is the Net Income Attributable to Parent?

FINANCIAL ACCOUNTING
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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a. How much is the Net Income Attributable to Parent?

b. How much is the Net Income Attributable to NCI?

c. 

PROBLEM 3-4 Company's ordinary share for P810,000. P37,500 of the excess (sum of On January 2, 2022, Prayer Corporation purchase 80% of Singer consideration and NCI less book value of net assets) is attributable to (10) years. Non-controlling interest is measured at fair value on date of goodwill and the balance to depreciable asset with economic life of ten acquisition. On the date of acquisition, shareholder's equity of two companies are as follows: Ordinary Share Retained Earnings Prayer Corporation P1,312,500 1,950,000 of Singer Company P300,000 525,000 On December 31, 2022, Singer Company reported net income of P131,250 and paid dividends of P45,000 to Prayer. Prayer reported earnings from its own operations of P356,250 and paid dividends of P172,500. Goodwill had been impaired and should be reported at P7,500 on December 31, 2022.
Transcribed Image Text:PROBLEM 3-4 Company's ordinary share for P810,000. P37,500 of the excess (sum of On January 2, 2022, Prayer Corporation purchase 80% of Singer consideration and NCI less book value of net assets) is attributable to (10) years. Non-controlling interest is measured at fair value on date of goodwill and the balance to depreciable asset with economic life of ten acquisition. On the date of acquisition, shareholder's equity of two companies are as follows: Ordinary Share Retained Earnings Prayer Corporation P1,312,500 1,950,000 of Singer Company P300,000 525,000 On December 31, 2022, Singer Company reported net income of P131,250 and paid dividends of P45,000 to Prayer. Prayer reported earnings from its own operations of P356,250 and paid dividends of P172,500. Goodwill had been impaired and should be reported at P7,500 on December 31, 2022.
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