On December 31, 2015, Nathan Company purchased 80 percent of the outstanding shares of Nate Company at a cost of P435,000. On that date, Nate Company had P217,500 worth of ordinary shares and P290,000 worth of accumulated profits. All assets and liabilities of Nate Company have book values approximately equal their market values at this time.

For 2016, Nathan Company had income of P100,000 from its own operations and paid dividends of P30,000. Nate Company also reported net income of P300,000 and paid dividends of P20,000. The beginning inventory of Nate Company includes P15,225 worth of merchandise purchased from Nathan Company on December 31, 2015. Nathan Company shipped this merchandise at 40 percent above its cost. The ending inventory of Nathan Company includes P11,600 worth of merchandise purchased from Nate Company, which shipped this merchandise at 33 1/3 percent above its cost. Both companies use FIFO inventory costing. P uses the cost method to account for its investment in S Company.

Required:

1.Compute the consolidated net income for year 2016.

2.Compute the Non-controlling Interest in Net Income of Subsidiary for year 2016.

3. Compute the total non-controlling interest as of December 31, 2016.