Question
On January 1, 2020, Pops purchased 80% of Sops common stock for P216,000. P10,000 of the excess is attributed to goodwill and the balance is
On January 1, 2020, Pops purchased 80% of Sops common stock for P216,000. P10,000 of the excess is attributed to goodwill and the balance is due to a depreciable asset with a remaining life of 10 years. Sops' had common stock of P80,000 and retained earnings of P140,000. Pop reported common stock of P350,000 and retained earnings of P520,000. On December 31, 2020, Sops reported comprehensive income of P35,000 and paid dividends of P15,000, while Pop reported C from its own operations of P95,000 and paid dividends of P46,000.
Solve for the solutions of the ff given the correct answers.
What is consolidated CI? 126,000
What is consolidated RE? 593,800
How much is NCI in CI? 6,200
What is balance of NCI? 57,200
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