Business Combination - Intercompany

On October 1, 2021, YOU Inc., purchased a piece of land costing P1,000,000 from LOVE Company for P1,500,000. On the other hand, on July 1, 2021, YOU Inc., sold an e with a carrying value of P60,000 and remaining life of 3 years to LOVE Company for P42,000. Separate Statement of Comprehensive Income for the two companies for the year 2021 as follows: Compute the following amounts for/as of December 31, 2021: 1. Consolidated Gross Profit 2. Consolidated Net income attributable to parent 3. Non-controlling interest (NCl) in Net Income On October 1, 2021, YOU Inc., purchased a piece of land costing P1,000,000 from LOVE Company for P1,500,000. On the other hand, on July 1, 2021, YOU Inc., sold an e with a carrying value of P60,000 and remaining life of 3 years to LOVE Company for P42,000. Separate Statement of Comprehensive Income for the two companies for the year 2021 as follows: Compute the following amounts for/as of December 31, 2021: 1. Consolidated Gross Profit 2. Consolidated Net income attributable to parent 3. Non-controlling interest (NCl) in Net Income