Question
The separate statements of comprehensive income of Antonio Company and its 90% owned subsidiary, Tony Company, for the year ended December 31, 2021 show the
The separate statements of comprehensive income of Antonio Company and its 90% owned subsidiary, Tony Company, for the year ended December 31, 2021 show the following:
Comprehensive income:
Antonio Company = P108,000
Tony Company = P20,000
Dividend income
Antonio Company = 18,000
The following additional data shall apply:
On January 1, 2020, Tony Company purchased a building, with a book value of P100,000 and an estimated 20-year life, from Antonio for P180,000. The building was being depreciated on a straight-line basis with no salvage value.
On January 1, 2021, Tony Company sold a machine with a book value of P50,000 to Antonio Company for P60,000. The machine had an expected life of 5 years and is being depreciated on a straight-line basis with no salvage value. Tony Company is a dealer for the machine.
1. On December 31, 2021, what is the consolidated comprehensive income?
2. Using the same data, on December 31, 2021, what is the consolidated comprehensive
income attributed to controlling interest?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started