On January 1, 2019, Pulpy Company purchased 80% stocks of Suzzy Company for P820,000. The fair value of the non-controlling interest is assessed at P220,000 while the proportionate share basis amounted to P200,000. The excess of total value of subsidiary over its books value of P950,000 is attributable to goodwill and equipment with five (5) year remaining life.

On March 3, 2019, Pulpy sold merchandise costing P500,000 to Felbie Company for P750,000. On the same day, Pulpy sold merchandise to Suzzy costing P280,000 for 350,000.

On the other hand, Pulpy Company paid P400,000 for the purchase of merchandise from Suzzy on June 30, 2019 with the latter imposing markup of 25%.

On June 1, 2019, Suzzy sold equipment to Pulpy for P350,000. The book value of the machinery on that date was P300,000. The equipment is expected to have a useful life of 5 years from date of sale.

In the perspective of Pulpy Company, the remaining inventory from intercompany transaction as of year-end amounted to (3/4) due to sale of such merchandise to outside party for P150,000. While the records of Suzzy Company shows that (1/2) of the inventory from intercompany transaction were sold to unrelated party for P250,000.

The following shows the net income and dividends declared by both company in 2019:

Pulpy Company Suzzy Company

Net Income P386,000P175,000

Dividends P50,000 P20,000

The shareholder's equity of Pulpy is compose of common stocks, APIC and Retained Earnings of P1,750,000; P250,000 and P2,000,000, respectively.

1. How much is the fair value net asset of the subsidiary?

2. Compute for the value of goodwill/gain on acquisition.

3. How much is the consolidated net income?

4. How much is the income attributable to Parent?

5. How much is the income attributable to NCI?

6. What is the value of consolidated retained earnings on December 31, 2019?

7. What is the value of NCI on December 31, 2019?

I would appreciate a lot of the answers were in a clear formatting. thank you!