On June 1, 2021, P Co acquired 80 of the outstanding shares of s Co at an amount which is P200,000 less than the fair value of the net assets On this date, the carrying value of the net assets of S Co was P1,800,000 and its fair value was P2,000,000 The difference is attributable to inventories P Co opted to measure NCI at fair value Selected financial data are available P Co S Co Sales, including intra group sales P7,540,000 P4,760,000 Dividends received 35,000 Expenses 20 of sales (both company) During the year, an upstream sale was made amounting to P602,000 of which 20 remains unsold at the end of the year Another downstream sale was made for P1,190,000 of which 30 remains unsold at the end of the year P Co and S Co used the same rate of markup on cost 40 for all types of sales The Non Controlling Interest to be presented in 2021 Consolidated Statements is

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On June 1, 2021, P Co  acquired 80  of the outstanding shares of s Co  at an amount which is P200,000 less than the fair value of the net assets  On this date, the carrying value of the net assets of S Co  was P1,800,000 and its fair value was P2,000,000  The difference is attributable to inventories  P Co  opted to measure NCI at fair value  Selected financial data are available  P Co  S Co  Sales, including intra group sales P7,540,000 P4,760,000 Dividends received 35,000 Expenses 20  of sales (both company) During the year, an upstream sale was made amounting to P602,000 of which 20  remains unsold at the end of the year  Another downstream sale was made for P1,190,000 of which 30  remains unsold at the end of the year  P Co  and S Co  used the same rate of markup on cost  40  for all types of sales  The Non Controlling Interest to be presented in 2021 Consolidated Statements is

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On June 1, 2021, P Co. acquired 80% of the outstanding shares of s Co. at an amount which is P200,000 less than the fair

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	P Co.	S Co.
Sales, including intra-group sales	P7,540,000	P4,760,000
Dividends received	35,000
Expenses	20% of sales (both company)