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Hi, please help me with the following items with computation and short explanation please for me to review. Thank you! ABC owns 75% of DEF

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Hi, please help me with the following items with computation and short explanation please for me to review. Thank you!

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ABC owns 75% of DEF Corp. On January 1, 2021, DEF purchased for P180,000 an equipment with an expected life of 10 years and no residual value. DEF sold the equipment to ABC on January 1, 2027. During the preparation of the consolidation working paper for 2028 the following working papers elimination entry tor the intercompany sale of machine was made: Retained Earnings-DEF 16,200 No-Controlling Interest 5,400 Equipment 86,400 Depreciation Expense 5,400 Accumulated Depreciation 102,600 Compute for the purchase price of ABC for the equipment. 1. 2. ABC Corp owns 60% of the outstanding shares of GHI Company, which it purchased for P42,000 above underlying book value of P604,800 on December 31, 2021. For the year 2024, GHI included in its net income P75,600 of unrealized gain on a year-end sale of depreciable assets to ABC. The non-controlling interest of GHI was computed for P10,080 of income in the 2024 consolidated financial statements. The purchase difference allocated to building which is amortized over 20 years. Compute for the reported net income of GHI Company from its own operation, if the net income of ABC from its own operation for 2024 amounted to P157,500.3. On January 1, 2021, ABC purchased 90% of the outstanding shares of JKL Company at a cost of P1,632,000. On that date, JKL had P1,020,000 worth of outstanding shares and P1,020,000 worth of accumulated profits. For 2021, ABC Company had income of P571,200 from its own operations and paid dividends of P306,000. For 2021, JKL Company reported income of 132,600 and paid dividends of P61,200. All of the assets and liabilities of JKL have book values equal to their market values. On January 1, 2021, ABC sold equipment to JKL for P204,000. The book value of the equipment on that date was P244,800. The loss of P40,800 is reflected in the income of ABC indicated above. The equipment is expected to have a useful life of five years from the date of sale. In the December 21, 2021 consolidated statement of financial position, the net income attributable to equity holders of ABC should be presented at: 4. On January 1, 2021, ABC Company sold machinery to MNO, its wholly-owned subsidiary for P450,000. The Equipment had cost ABC P560,000. The book value at the time of sale was P230,000. ABC used a 5-year life, with a salvage value o P10,000 and uses sum of the years digits depreciation. MNO will adopt this practice. On the consolidated statement of financial position at December 31, 2021, the deprecation expense should be stated at:5. On January 1, 2021, ABC purchased 90% of the outstanding shares of PQR by paying P740,000. On that date, PQR had P300,000 capital stock and P500,000 of retained earnings. An undervalued asset attributable to building amounting to P60,000 with a remaining life of 10 years. All other assets and liabilities of PQR had book value approximated their fair market value. On January 1, 2022, ABC's common stock and retained earnings amounted to P1,000,000 and P850,000 respectively, while PQR's retained earnings is P600,000. The 2022 net income and dividends was as follows: ABC Net Income P340,000 and Dividend of P100,000; PQR net income P150,000 and Dividends P50,000. On April 1, 2022, ABC sold machinery with a book value of P30,000 to PQR for P60,000. The machinery is expected to have a remaining useful life of five years from the date of the sale. On December 1, 2022, PQR company sold equipment with a book value at P72,000 to ABC for P60,000. The equipment is expected to last for ten years from the date of sale. Compute for the parent's portion of consolidated retained earnings on December 31, 2022. 6. ABC acquired 80% interest in STU in 2021 at a time when STU's book values and fair values were equal. In 2022, STU sold land to ABC for P82,000 that cost P72,000. The land remained in ABC's possession until 2023 when ABC sold it outside the combined entity for P102,000. After the books were closed in 2023, it was discovered that ABC had not considered the unrealized gain from its intercompany purchase of land in

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