On January 1, 2017, Penver Company acquired 70% of Sester, Inc. at book value. On December...

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On January 1, 2017, Penver Company acquired 70% of Sester, Inc. at book value. On December 31, 2018, Sester sold a machine to Penver for P112,500. The machine on Sester's books has a book value of P75,000. Penver will use a 10-year life, no salvage value, and straight line depreciation. For 2018, Sester reports net income of P100,000. Under the cost method, Non-Controlling Interest in Net Income of Subsidiary is? 2) ABC Corporation acquired a 60% interest in XYZ Corporation on January 1, 2015, when XYZ's book values and fair values were equivalent. On January 1, 2015, XYZ sold a building with a book value of P600,000 to ABC for P700,000. The building had a remaining life of 10 years, no salvage value, and was depreciated by the straight line method. XYZ reported net income of P2,000,000 for 2015. What was the noncontrolling interest of 2015? 3) ABC Corporation acquired an 80% interest in XYZ Corporation on January 1, 2010 at a cost equal to book value and fair value. In the same year XYZ sold land costing P30,000 to ABC for P50,000. On July 1, 2015, ABC sold the land to an unrelated party for P110,000. What was the gain on the consolidated income statement? On January 1, 2017, Penver Company acquired 70% of Sester, Inc. at book value. On December 31, 2018, Sester sold a machine to Penver for P112,500. The machine on Sester's books has a book value of P75,000. Penver will use a 10-year life, no salvage value, and straight line depreciation. For 2018, Sester reports net income of P100,000. Under the cost method, Non-Controlling Interest in Net Income of Subsidiary is? 2) ABC Corporation acquired a 60% interest in XYZ Corporation on January 1, 2015, when XYZ's book values and fair values were equivalent. On January 1, 2015, XYZ sold a building with a book value of P600,000 to ABC for P700,000. The building had a remaining life of 10 years, no salvage value, and was depreciated by the straight line method. XYZ reported net income of P2,000,000 for 2015. What was the noncontrolling interest of 2015? 3) ABC Corporation acquired an 80% interest in XYZ Corporation on January 1, 2010 at a cost equal to book value and fair value. In the same year XYZ sold land costing P30,000 to ABC for P50,000. On July 1, 2015, ABC sold the land to an unrelated party for P110,000. What was the gain on the consolidated income statement?

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1 The amount of NonControlling Interest in Net Income of Subsidiary for 2018 can be calculated as fo... View the full answer