Question
P Company acquired 70% interest in S Company in 2019. S reported net income of P80,000 and P90,000 for 2019 and 2020 respectively. During 2019,
P Company acquired 70% interest in S Company in 2019. S reported net income of P80,000 and P90,000 for 2019 and 2020 respectively. During 2019, S sold merchandise to P for P10,000 at a profit of P2,000. The merchandise was later resold by P to outsiders for P15,000 during 2020. For consolidation purposes, what is the non-controlling interest in net income of S for 2020?
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Financial And Management Accounting An Introduction
Authors: Pauline Weetman
8th Edition
1292244410, 978-1292244419
