On January 1, 2020, Peru Company paid P900,000 for an 80% interest in Syria Company at a price of P30,000 less than the underlying book value of 1,200,000. The excess was allocated to overvalued equipment with a three-year remaining useful life.

The net income of Peru and Syria from their own operations for 2020 are 400,000 and 100,000, respectively. The dividends declared are 80,000 and 50,000 for both Peru and Syria.

1. What is the value of NCI at the date of acquisition?

2. What is the amount of goodwill/gain on acquisition?

3. How much is the total consolidated net income in December 31, 2020?

4. How much is the net income attributable to parent in December 31, 2020?

5. How much is the net income attributable to NCI in December 31, 2020?

6. What is the value of NCI in December 31, 2020?

7. What is the value of retained earnings in December 31, 2020 if the value in January 1, 2020 is 1,250,000.