altiple Choice $4-$ Q

January $1,2014,$ Pedro Company purchased $80\%$ of the outstanding startes u u fer mpany at a cost of P$1,600,000.$ On that date, Sixto Company had Pobo ing y dinary share capital and $P1,000,000$ of Retained earnings.

For $2014,$ the results of their operations are:

$\backslash$table$[[,\backslash$table$[[$Pedro$],[$Company$]],$Sixto$],[$Company$,,],[$Net income from own operations,P$800,000,$P$400,000],[$Dividends paid,$200,000,80,000]]$

II of the assets and liabilities of Sixto Company have book values equal of spective fair market values. Pedro measures non$-$controlling interst $u_3$ oportionate share of the identifiable net assets.

n April $1,2014,$ Pedro Company sold an equipment with a book value of P$8$o$,$ ixto Company for P$160,000.$ The gain on the sale is included in the income of ompany indicated above. The equipment is expected to have a useful life of fivere om the date of sale. Impairment loss on goodwill for $2014$ is P$16,000.$

The amount of net income attributable to Pedro Company for $2014$ is:

a$.P800,000$

c$.P1,116,000$

b$.P1,036,000$

d$.P1,200,000$

The non$-$controlling interest net income for $2014$ is:

a$.P68,000$

c$.$ P$104,000$

b$.$ P $80,000$

d$.P120,000$

The consolidated net income for $2014$ is:

a$.P1,036,000$

c$.P1,120,000$

b$.P1,116,000$

d$.P1,200,000$

$4.$

The non$-$controlling interest at December $31,2014$ is :

a$.$ P$264,000$

c$.$ P$384,000$

b$.$ P $320,000$

d$.P464,000$