Consolidated Financial Statement

On January 1, 2015, Popeye Company purchase 8096 of the outstanding shares of Shiela Company by paying 720,000- On the date, Shiela company had 315,000 capital stock and 500,000 retained earnings. There is an undervalued asset attributable to the equipment amounting to 60,000 with a remaining life of 20 years, all other assets and liabilities of Shiela Company had a book value equal to their fair value. Popeye's common stocks and retained earnings amounted to $1,000,000 and $650,000. Use the full goodwill methos. On January 1, 2016 Popeye Company's common stock and retained earnings amounted to 1,000,000 and 800,000 respectively, while Shiela Company\" 5 retained earnigs is $600,000. On march 30,2016, Shiela company sold machinery with book value of $30,000 to Popeye's company for 60,000. The machinery is expected to have a remaining useful life of 5 years from the date of sale. On October 1, 2016 Popeye company sold equipment with book value of 40,000 to Shiela for 80,000. The remaining life of the equipment is 10 years from the date of sale. The net income and dividends using the cost method {initial value model) were as follows; Net income Dividends Popeye company 272,000 80,000 Shiela company 150,000 40,000 a How much is the consolidated net income for 2016? o The prot attributable to equity holders of parent for 2016? It What is the goodwill using full goodwill