What is the amount of consolidated net income attributable to controlling interest in 20x1?
On that date Sine Ordinary share and Retained earnings were P2,000,000 and P1,000,000. The non-controlling interest on the date of acquisition was P800,000. The assets and liabilities of Sine’s book values approximates their fair values except for the inventories and equipment which were undervalued by P30,000 and P50,000, respectively. The equipment has a remaining estimated life of five years.
On October 1, 20x1, Sine Inc. sold equipment to Pine Corp. costing P300,000 with
On April 30, 20x2, Pine Corp. sold equipment to Sine Inc, costing P500,000 with accumulated depreciation P100,000 for P300,000. The remaining estimated life of equipment was five years.
The following information were extracted from the separate financial statements of Pine and Sine for 20x1 and 20x2:
|
|
Pine |
Sine |
||
|
|
Net Income |
Dividend |
Net Income |
Dividend |
|
20x1 |
800,000 |
600,000 |
350,000 |
150,000 |
|
20x2 |
1,000,000 |
750,000 |
500,000 |
350,000 |
What is the amount of consolidated net income attributable to controlling interest in 20x1?
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