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kindly help me how to make a consolidated income statement, Thankyou! J-vnem '-t '+ consolidated Income Statement On January 1, 2013, Pentagon Company acquired 80%
kindly help me how to make a consolidated income statement, Thankyou!
J-vnem '-t '+ consolidated Income Statement On January 1, 2013, Pentagon Company acquired 80% of the outstanding shares of Sexagon Company at book value. On July 1, 2015, Sexagon Company sold equipment to Pentagon Company at a gain of P60,000. This equipment is estimated to have a useful life of five years from the date of the sale. For the year 2015, Pentagon Company purchased merchandise from Sexagon Company. Data regarding intragroup sales, inventories and profit percentages are presented below. Intragroup sales Intragroup inventories: January l, 2015 December 31, 2015 Gross profit percentage on intra-group sales as a percentage of selling price Pentagon Co. P600,OOO 60,000 40,000 Statements: Intragroup Profits and Losses Income Statements Sales Cost of Sales Gross Margin Expenses Operating Income Gain on Sale of Equipment Dividends received from subsidiary Non-controlling interest net income Net Income Pentagon Co. 1200,000 1 ,080.ooo P 720,000 172,000 Sexagon Co. P400,OOO 80,000 100,000 243 Sexagon Co. 800,000 P 800,000 584,000 P 216,000 60,000 structions: Prepare a consolidated income statement.
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