p Corporation acquired a 90% interest in S Corporation in 2016 at a time when S's book values were equal to fair values. On January 1, 2017, S sold to P a machine with a P360,000 book value for P720,000. P depreciates the machine over 10 years using the straight-line method. Separate incomes for P and S for 2017 are as follows: P's equity in S Corporation profit (using the equity method) for 2017 is: a. P1,800,000 b. P1,620,000 c. P1,296,000 d. P1,328,400 The consolidated net income is: a. P5,160,000 b. P4,836,000 c. P4,688,400 d. P3,360,000 The non-controlling interest net income is: a. P180,000 b. P144,000 c. P147,600 d. P140,400 The controlling interest net income is: a. P5,160,000 b. P4,836,000 c. P4,688,400 d. P3,360,000 p Corporation acquired a 90% interest in S Corporation in 2016 at a time when S's book values were equal to fair values. On January 1, 2017, S sold to P a machine with a P360,000 book value for P720,000. P depreciates the machine over 10 years using the straight-line method. Separate incomes for P and S for 2017 are as follows: P's equity in S Corporation profit (using the equity method) for 2017 is: a. P1,800,000 b. P1,620,000 c. P1,296,000 d. P1,328,400 The consolidated net income is: a. P5,160,000 b. P4,836,000 c. P4,688,400 d. P3,360,000 The non-controlling interest net income is: a. P180,000 b. P144,000 c. P147,600 d. P140,400 The controlling interest net income is: a. P5,160,000 b. P4,836,000 c. P4,688,400 d. P3,360,000