Parent Company M sold inventory to Subsidiary N at a loss of P10,000. Subsidiary N subsequently sold half of this inventory to external parties at a profit of P16,000. The net income from operations of the parent was P280,000, while the subsidiary recorded a net income of P130,000. Calculate the consolidated net income?

Answer rating: 100% (QA)

Solution To calculate the consolidated net income we need to follow the following steps 1 ... View the full answer