23. Michael Company acquired 60% of Scott Company for P300,000 when Scott's book value was P400,000. The newly comprised 40% non-controlling interest had an assessed fair value of P180,000. Also, at that date, Scott had a trademark (10-year life) that was undervalued by P60,000. Also, patented technology (5-year life) was undervalued by P40,000. Two years later, the following figures are reported by these two companies (shareholders equity accounts have been omitted) Michael Scott Scott (@BV) (@BV) (@FV) Current assets 620,000 300,000 320,000 Trademarks 260,000 200,000 280,000 Patents 410,000 150,000 150,000 Liabilities 390,000 120,000 120,000 Revenues 900,000 400,000 Expenses 500,000 300,000 How much is the consolidated net income? a. P451,600 b. P486,000 C. P500,000 d. P514,000 24. How much is the consolidated trademark? a. P460,000 b. P508,000 C. P540,000 d. P484,000 25. How much is the non-controlling interest in net income of subsidiary (NCINIS)? a. P26,000 b. P28,800 C. P40,000 d. P34,400