1.APPLE COMPANY acquired 80% of the outstanding shares of BLUEBERRY Company on July 1, 2019 for $800,000. On this date BLUEBERRY Company's net assets had book values equal to their fair values except for Inventory which was understated by $20,000 and building with a remaining useful life of 10 years was understated by P50,000.

BLUEBERRY also reports capital stock of $800,000 and retained earning of P200,000 as of July 1, 2019.

For the year ended December 31, 2019, APPLE and BLUEBERRY Company report Income from their own operations of $250,000 and $150,000 each, income is earned evenly throughout the year and paid dividends of $200,000 and $50,000 on December 15, 2019.

On December 31, 2021, APPLE Company and BLUEBERRY Company reports retained earnings of $2,000,000 and $400,000 each respectively,

Determine the Consolidated net income of the controlling interest for the year 2019.

a)346,000

b)348,000

c)406,000

d)292,000

Determine the consolidated retained earnings as of December 31, 2021.

a)2,190,000

b)2,132,000

c)2,134,000

d)2,188,000

Determine the non-controlling interest on December 31, 2019 if APPLE Company values the non-controlling interest at fair value.

a)214,500

b)229,000

c)229,500

d)214,000