Illustrative Problem $-$Sale of Fixed Assets $($Comprehensive$)$

On January $1,2024,$ Pet Company purchased $80\%$ of the shares of Sam Company for P$900,000.$ The shareholder's

equity of Sam Company on that date showed: Ordinary Shares $-$ P$570,000$ and Retained Earnings $-$ P$490,000.$ Non$-$

controlling interest is measured at fair value. On April $30,2024,$ Pet Acquired used machinery for P$84,000$ from Same that

was being carried in the latter's books at P$105,000($cost if P$400,000$ and accumulated depreciation of P$295,000).$ The

asset still has a remaining useful life of $5$ years. On the other hand, on August $31,2024,$ Same purchased an equipment

that was already $20\%$ depreciated from Pet for P$345,000.$ The original cost of this equipment was P$375,000$ and had a

remaining useful life of $6$ years. Net Income of Pet Company and Sam Company for $2024$ amounted to P$360,000$ and

P$175,000,$ respectively. Dividend declared and paid amounted to P$120,000$ for Pet. Same paid P$40,000$ dividend to Pet

for $2021.$ Requirement

Net income attributable to the parent

Non$-$controlling interest in the net income in subsidiary

Non$-$controlling in the net assets of subsidiary

The carrying value of Property and Equipment at December $31$ Consolidated FS$.$

Working elimination entries