P Corporation, an SME, paid P3,000,000 for a 90% interest in 5 Company on January 1, 2019. The stockholders of S Company included share capital of P2,000,000 and retained earnings of P1,000,000 of the excess of total consideration (purchase price plus NCI) over book value, P200,000 is attributable to undervalued inventories and the remainder to goodwill. All inventories are sold in 2019. S's net income for the year is P522,500 and P's net income is P1,500,000 including dividends received from S in the amount of P90,000 1. How much is the NCI at the end of 2019? 2. Net Income Attributable to Parent. On January 1, 2019, William Corp. (qualifies as SME) paid cash of P600,000 for the 80 % of the outstanding shares of Kate Company. The carrying value of the assets and liabilities of Kate on January 1, 2019 follow: Accounts Receivable Inventory Plant & Equipment (net of Accumulated Depreciation of P220,000) P90,000 180,000 320,000 Goodwill 100,000 Liabilities 120,000 On January 1, 2019, Kate Inventory had a fair value of P150,000 and plant & equipment (net) had a fair value of P380,000. Cost of arranging the combination are as follows: legal fees for combination P30,000 finder's Fee, P50,000; other miscellaneous direct costs, P20,000. Net income of William and Kate for 2019 amounts to P156,000 and P60,000, respectively. William received dividend of P16,000 from Kate during 2019. The PPE has original useful life of 10 years and was already held for 4 years as of date of acquisition. 1. On December 31, 2019, what is the consolidated net income 7 2. How much is the carrying value of goodwill as of December 31, 2019? FNE Company (classified as SME) acquired 4,000 shares of the outstanding stock of HCYSYLM Company for P1,200,000 on January 1, 2019. FNE Company also paid P100,000 direct costs related to the combination. On this date, the stockholders equity of HCYSYLM Company consisted of Capital Stack of P500,000 P100 par and Retained Earnings of P500,000. The carrying values of HCYSYLM Company's identifiable assets and liabilities are equal to their fair market values. At the end of the year, FNE Company reported net income of P300,000 and paid dividends of P250,000 while HCYSYLM Company reported net income of P200,000 and paid dividends of P10 per share. 1. The consolidated net income on December 31, 2019 is 2. The amount of Goodwill in the consolidated balance sheet is 3. The non-controlling interest in December 31, 2019 presented in the shareholders' equity of FNE is