1. On January 3, 2021 ABC acquired 90% of DEF at book value. The following information is available:

2022

Inventory, Dec 31-30,000

Intercompany Cost of Sales - 60,000

Downstream Sale- 120,000

Net Income (DEF) - 225,000

Net Income (ABC) - 550,000

2021

Inventory, Dec 31-20,000

Intercompany Cost of Sales - 60,000

Downstream Sale- 100,000

Net Income (DEF) - 200,000

Net Income (ABC) - 500,000

Compute for the Profit attributable to Equity Holders of Parent or Controlling Interest in Net Income for 2022.

2.ABC Corp. Acquired a 70% interest in GHI Corp on January 2, 2021 for P936,000 when GHI's net assets had a book value and fair value of P1,580,000. During 2021, ABC sold inventory items that cost P1,560,000 to GHI for P2,080,000 and GHI's inventory at December 31, 2021 included 1/2 of the merchandise. GHI also sold to ABC an inventory for P30,000 with a cost of P25,000, 70% were sold to unaffiliated customers. ABC Corp. Reported separate income from its own operation of P1,170,000 and GHI reported a net loss of P390,000. Compute for the consolidated net income.

3. ABC owns 90% interest of DEF Co. The following information are provided:

DEF

Sales - 1,000,000

Cost of Sales - (400,000)

Gross Profit - 600,000

Operating Expense - (400,000)

Net Income - 200,000

ABC

Sales - 2,700,000

Cost of Sales - (1,350,000)

Gross Profit - 1,350,000

Operating Expense - (250,000)

Dividend Income - 20,000

Net Income - 1,120,000

ABC sold goods to DEF for P30,000, 20% of these goods were sold for the year. DEF also sold goods to ABC for P50,000, 20% of these goods were unsold at the end of the year. The ending inventory for ABC and DEF are P120,000 and 50,000 respectively. Compute for the Non-controlling interest in Net Income.