What is the consolidated shareholders' equity to be reported in the consolidated statement of financial position on December 31, 2016? 4. On January 1, 2016, William Corp. paid cash of P600,000 for all the outstanding shares of Kate Company. The carrying value of the assets and liabilities of Kate on January 1, 2016 follow: Accounts Receivable P90,000 Inventory 180,000 Plant & Equipment (net of Accumulated Depreciation! 320.000 Goodwill 100,000 Lie bilities 120,000 On January 1, 2016 Kate inventory had a fair value of P150,000 and plant & equipment (net) had a fair value of P380,000. Cost of arranging the combination are as follows: legal fees for combination, P30,000; finder's fee, P50,000; other direct costs, P70,000. Net income of William and Kate for 2016 amounts to P188,000 and P90,000 respectively. William received dividend of P20,000 from Kate during 2016. The PPE has original useful life of 10 years and was already held for 4 years as of date of acquisition. On December 31, 2016, what is the consolidated net income? 5. On January 3, 2016. P Company acquired 70% interest in S Company for P4.200,000 cash. On this date, the equity of S Company is as follows: P Company Compan Ordinary Share 3.300,00 .450.00 Capital Accumulated 5.450,00 2.800,00 Profits There was no issuance of ordinary shares during the year. Non-controlling interest is initially measured at fair value of P1,675,000. Fair value of the following assets of S Company exceeded their book values: Inventories, P150,000; Fixed assets (remaining life - 5 years), P600,000. All other assets and liabilities are fairly valued. Goodwill is impaired by P225,000. P Company reported income and declared dividend of P1,425,500 and P380,250, respectively. S Company has income and dividend declared of P750,000 and P150.000, respectively. How much is the consolidated equity as of December 31, 2016, Consolidated FS? 6. On January 1, 2016, P Company acquired 2,700 shares of the outstanding ordinary share of S Company for P500,000. As of this date, the shareholders equity section of S Company consisted of Share Capital, P100 par, P300,000 and Retained Earnings, P150,000. The carrying value of S Company's identifiable assets and liabilities are equal to their fair market values except for equipment, which is undervalued by P50,000, with remaining useful life of 10 years. NCI is at proportionate On December 31, 2016, the two companies reported the following