On January 5, 2008, Grace Co. purchased 70% of the outstanding shares of Leo Co. at a cost of P500,000. On that date, the outstanding ordinary shares of Leo had a P700,000 balance, while accumulated profits had a P100,000 balance. All the book values of assets and liabilities of Leo approximated their fair values except for an equipment which was understated by P50,000

For the year 2008, Grace sold an equipment to Leo reporting a gain on sale of P25,000 on July 1, 2008 and Leo on the other hand sold a machine to Grace reporting a loss of P10,000 on October 1, 2008. Grace reported net income of P250,000 and declared dividends of P40,000 and reported an accumulated profits balance as of December 31, 2008 of P350,000. Leo reported net income for the year of P150,000 and declared dividends of P20,000. The remaining useful lives of the plant assets as of January 1, 2008 for both companies are 4 years for machinery and 5 years for equipment.

Required:

From the above data, determine:

1. The net income attributable to equity holders of the parent for 2008.
2. The non-controlling interest net income in Leo Co. for 2008.
3. The consolidated net income of Grace Co. for 2008.
4. The consolidated accumulated profits as of December 31, 2008.

January 1, 2006, Peter Company purchased 80 percent of the outstanding shares of Pedro Company at a cost of P1,080,000. On that date, Pedro Company had P600,000 worth of ordinary shares and P750,000 worth of accumulated profits. For 2006, Pedro Company reported income of P270,000 and paid dividends of P90,000. All of the assets and liabilities of Pedro Company are at fair market value.

On December 31, 2006, Peter Company sold equipment to Pedro Company for P112,500 that had a cost of P67,500. The equipment is expected to have a useful life of 10 years from this date. For the year 2006, Peter Company reported income from its own operations in the amount of P300,000, which included the gain of P45,000 on equipment sold to Pedro Company.

Required:

1. Compute the amount to be shown as consolidated net income.
2. Compute the Non-controlling Interest in Net Income of Subsidiary for 2006.
3. Compute the amount to be shown as Non-controlling Interest in Net Assets of Subsidiary on the consolidated statement of financial position as of December 31, 2006.