Assume that on January 1, 2014, Parent Company acquires 80% of the ordinary share of Subsidiary Company for P310,000. At that time, the fair value of the 20% non-controlling interest is estimated to be P77,500. On that date, the following assets and liabilities of Subsidiary Company had book values that were different from their respective fair values (all other assets and liabilities had book values approximately equal to their respective fair values):

	Book Value	Fair Value
Inventory	P 20,000	P 25,000
Land	40,000	46,000.0
Equipment	150,000	150,000.0
Accumulated Depreciation - Equipment	(80,000)
Buildings	300,000	120,000.0
Accumulated Depreciation - Buildings	(160,000)
Bonds Payable (4 years)	100,000	96,000.0

On January 1, 2014, the equipment and buildings had a remaining life of 8 and 4 years, respectively. Inventory is sold in 2014 and FIFO inventory costing is used. Goodwill, if any, is reduced by a P3,125 impairment loss during 2014 based on the fair value basis (full goodwill), meaning, the management has determined that the goodwill arising in the acquisition of Subsidiary relates proportionately to the controlling and non-controlling interests, as does the impairment.

There were no intercompany sales prior to 2014. Information resulting from intercompany sales of equipment is summarized below:

Date of Sale	Seller	Selling Price	Original Cost	Accumulated Depreciation	Book Value	Remaining Life
4/1/2014	Parent	P75,000	P100,000	P37,500	P62,500	5 years
1/2/2014	Subsidiary	50,000	60,000	36,000	24,000	8 years

Trial balances for the companies for the year ended December 31, 2014 are as follows:

Debits	Parent Co.		Subsidiary Co.
Cash	P 194,000		P 75,000
Accounts Receivable	75,000		50,000
Inventory	100,000		75,000
Land	175,000		40,000
Equipment	200,000		150,000
Buildings	600,000		450,000
Investment in Subsidiary Company	310,000
Cost of Goods Sold	170,000		115,000
Depreciation Expense	50,000		20,000
Other Expenses	40,000		15,000
Dividends Paid	60,000		30,000
Totals	P 1,974,000		P 1,020,000
Credits
Accumulated Depreciation - Equipment	P 112,500		P 80,000
Accumulated Depreciation - Buildings	337,500		240,000
Accounts Payable	100,000		100,000
Bonds Payable	200,000		100,000
Ordinary Share, P10 par	500,000		200,000
Accumulated Profits	300,000		100,000
Sales	400,000		200,000
Dividend Income	24,000
Totals	P 1,974,000		P 1,020,000

From the trial balances presented above, the following summary for 2014 results of operations is as follows:

Debits	Parent Co.		Subsidiary Co.
Cash	P 194,000		P 75,000
Accounts Receivable	75,000		50,000
Inventory	100,000		75,000
Land	175,000		40,000
Equipment	200,000		150,000
Buildings	600,000		450,000
Investment in Subsidiary Company	310,000
Cost of Goods Sold	170,000		115,000
Depreciation Expense	50,000		20,000
Other Expenses	40,000		15,000
Dividends Paid	60,000		30,000
Totals	P 1,974,000		P 1,020,000
Credits
Accumulated Depreciation - Equipment	P 112,500		P 80,000
Accumulated Depreciation - Buildings	337,500		240,000
Accounts Payable	100,000		100,000
Bonds Payable	200,000		100,000
Ordinary Share, P10 par	500,000		200,000
Accumulated Profits	300,000		100,000
Sales	400,000		200,000
Dividend Income	24,000
Totals	P 1,974,000		P 1,020,000

Compute for the following:

1. Non-controlling interest in net assets of the Subsidiary (NCI-NAS) as of December 31, 2014
2. Net income attributable to owners of the parent (NIATOP) as of December 31, 2014
3. Non-controlling interest in net income of the Subsidiary (NCI-NIS) as of December 31, 2014
4. Consolidated net income (CNI) as of December 31, 2014
5. Accumulated profits attributable to owners of the parent (AP-ATOP) as of December 31, 2014
6. Consolidated accumulated profits (CAP) as of December 31, 2014
7. Consolidated equipment as of December 31, 2014
8. Consolidated accumulated depreciation - equipment as of December 31, 2014