On January 1, 2030, Papa acquired 70% interest of outstanding ordinary shares of Mama Corp by paying P875,000. On the acquisition date, Mama had ordinary shares amounting to P500,000 and retained earnings of P800,000. The fair value of assets and liabilities of subsidiary were equal on the date of acquisition except for overvalued inventory of P40,000 and undervalued furniture of P100,000 with a remaining life of 5 years. The non-controlling interest is measured at fair value.

On June 30, 2030, Papa sold equipment with a book value of P300,000 to Mama for P250,000. The equipment is expected to have a remaining useful life of 5 years from the date of sale.

On March 1, 2031 Mama sold machinery for P120,000 with book value of P90,000 to Papa. The machinery is expected to have a remaining useful life of 5years from the date of sale.

On January 1, 2031, Papa had ordinary shares of P5,000,000 and retained earnings of P2,000,000, while Mama retained earnings amounted to P1,000,000.

1. The amount of non-controlling interest in net income 2032: A. P114,300 B. P115,800 C. P112,800 D. P121,500

2. How much is the consolidated net income attributable to parent 2032? A. 1,160,200 B. 1,154,500 C. 1,155,200 D. 1,159,500

3. How much is the non-controlling interest in net asset in 2031: E. 511,500 F. 577,500 G. 451,600 H. 517,500

4. How much is the consolidated net income attributable to parent 2031 I. 1,068,500 J. 1,078,500 K. 1,208,500 L. 1,073,500