What is the amount of non-controlling interest in net assets on December 31 20x17?

PROBLEM 2 On January 1, 20x1, AI Co. acquired 80% interest in Miami, Inc. The business combination resulted to goodwill of P3,000. On this date, Miami's equity comprised of P50,000 share capital and P24,000 retained earnings. NCI was measured at its proportionate share in Miami's net identifiable assets. Miami's assets and liabilities on January 1, 20x1 approximate their fair values except for the following: Miami, Inc. Carrying Fair values Fair value amounts adjustments Inventory 23,000 31,000 8,000 Equipment (4 yrs. remaining life) 50,000 60,000 10,000 Accumulated depreciation (10,000) (12,000) (2.000) Totals 63,000 79,000 16,000 On December 31, 20x1, Miami, Inc. purchased 60% of the outstanding bonds of AI Co. from the open market for P21,000. There were no other intercompany transactions during the year. The year-end individual financial statements are shown below: Statements of Financial Position As at December 31, 20x1 ASSETS Al Co. Miami, Inc. Cash 23.000 44,000 Accounts Receivable 75,000 22,000 15.000 105.000 75,000 13.000 Inventory Investment in Subsidiary(at cost Investment in bonds Equipment Accumulated depreciation TOTAL ASSETS 200,000 50,000 160,000) 20,000) 418,000 124,000 Al Co. Miami, Inc. 43,000 30,000 LIABILITIES AND EQUITY Accounts payable Bonds payable (at face amount) Total Liabilities Share capital 30,000 73,000 30,000 170,000 50.000 Share premium 65,000 Retained earnings 110,000 44,000 Total Equity 345,000 94,000 TOTAL LIABILITIES AND EQUITY 418,000 124,000 Statements of Profit or Loss For the year ended December 31, 20x1 Al Co. Miami, Inc. 300,000 120.000 (165,000) (72.000) Sales Cost of goods sold Gross profit Depreciation expense Distribution costs 135,000 48,000 (40,000 (10.000) (18,000) (32,000) Interest expense (3,000) Profit for the year 60,000 20,000