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Question 16 Company P acquired 90% of the shares of Company S on Jan 1, 20X1. On Dec 31, 20X1, the incomplete income statement of
Question 16
Company P acquired 90% of the shares of Company S on Jan 1, 20X1. On Dec 31, 20X1, the incomplete income statement of P and S is given below.
| Income Statement | P Co. | S Co. | Consolidated Statements |
| Sales | 800,000 | 250,000 |
|
| Less: COGS | -200,000 | -125,000 |
|
| Less: Dep Exp | -50,000 | -10,000 |
|
| Less: Other Exp | -225,000 | -40,000 |
|
| Income from S Co. |
|
|
|
What amount of controlling income will be reported in the consolidated income statement?
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