por ite ths 7 to 9 , use the following details 5 Corporation is an 80%-owned subsidiary of P Corporation. In 2016, S Corporation 10 merchandise that cost P120,000 to P Corporation for P160,000. P's ending inventory December 31, 2016 contained unrealized profit of P8,000 from the intercompany ale. In 2017, S sold merchandise that cost P140,000 to P for P190,000. One half of this mechandise remained unsold by P on December 31, 2017. For 2017, P Corporation's sepprated net income was P190,000. 7. What is the controlling interest net income for the year 2017 ? a. P377,500 b. P356,000 c. P388,400 d. P342,500 8. What is the consolidated net income for the year 2017? a. P480,000 b. P442,500 c. P423,000 d. P517,500 9. What is the non-controlling interest net income? a. P173,000 b. P34,600 c. P42,000 d. P96,000 0. A 55%-owned subsidiary makes the following entry to record a sale of merchandise to its parent Accounts receivable P600,000 Sales revenue P600,000 All sales made by the subsidiary are at 125% of cost. One third of this merchandise remains in the parent's inventory at year-end. A working paper entry to eliminate the unrealized profits from the consolidated inventory would include a credit to inventory in the amount of: a. P120,000 b. P60,000 c. P40,000 d. P50,000