PROBLEM 3 - 2 P Corporation acquired 75% of the outstanding ordinary shares of S Company on January 2, 2022 for P287,400. S Company's shareholders equity on January 2, 2022 were as follows: Ordinary Shares, P100 par, P131,250; Share Premium, P52,500 and Retained Earnings, P105,000. NCI is measured at fair value. Current fair value of $ Company's identifiable net assets exceeded their book values as follows: Inventories, P18,000; Plant assets (economic life of 10 years), P30,000; while book value of Patents exceeded their fair value (economic life of 5 years), P12,000. Both P Corporation & S Company include depreciation expense and amortization in operating expenses. Both companies use the straight-line method of depreciation and amortization.CHAPTER 3: CONSOLIDATION - SUBSEQUENT TO DATE OF ACQUISITION Impairment of goodwill amounting to P4,000 each year is to be recognized. Prior to acquisition, the Ordinary Shares of P Corporation is P180,000, Share Premium is P75,090 and Retained Earnings is P150,000 For the year ended December 31, 2022, P Corporation and S Company reported the following results of operations: P Corporation S Company Net Income P180.000 P100.000 Dividends Paid 20,000 10.000 Required 1. Prepare ALL journal entries required on the books of P Corporation during 2022 to account for its investment in S Company and S Company's operating results using the Cost Method. 2. Prepare the working paper elimination entries on December 31, 2022. 3. Compute the following on December 31, 2022; a. Consolidated net income attributable to the parent b. Consolidated net income attributable to the NCI c. Consolidated retained earnings d. Non-Controlling Interest