On January 2, 2022, Perfect Corporation purchase 80% of Seldom Company's ordinary shares for P3,240,000. P150,000...

 

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On January 2, 2022, Perfect Corporation purchase 80% of Seldom Company's ordinary shares for P3,240,000. P150,000 of the total excess is attributable to goodwill and the balance to a depreciable asset with an economic life of 10 years. NCI is measured at its fair value on the date of acquisition. On the date of acquisition, shareholder's equity of the two companies follows: Ordinary share Accumulated Profits (losses) Perfect P 5,250,000 7.800.000 Seldom P 1.200,000 2.100,000 On December 31, 2022, Seldom Company reported net income of P525,000 and paid dividends of P225,000 to its shareholders. Perfect Co. reported net income of P1,605,000 and paid dividends of P690,000. Goodwill had been impaired and should be reduced by P120.000 for the current year (INPUT YOUR ANSWERS IN FIGURES. DO NOT PUT ANY COMMA, PESO SIGN, DECIMALS. AND EXTRA SPACES) 1. On December 31, 2022, what is the net income attributable to parent? 2. On December 31, 2022, what is the consolidated accumulated profits losses) attributable to parent? TERRENHENGEN On January 2, 2022, Perfect Corporation purchase 80% of Seldom Company's ordinary shares for P3,240,000. P150,000 of the total excess is attributable to goodwill and the balance to a depreciable asset with an economic life of 10 years. NCI is measured at its fair value on the date of acquisition. On the date of acquisition, shareholder's equity of the two companies follows: Ordinary share Accumulated Profits (losses) Perfect P 5,250,000 7.800.000 Seldom P 1.200,000 2.100,000 On December 31, 2022, Seldom Company reported net income of P525,000 and paid dividends of P225,000 to its shareholders. Perfect Co. reported net income of P1,605,000 and paid dividends of P690,000. Goodwill had been impaired and should be reduced by P120.000 for the current year (INPUT YOUR ANSWERS IN FIGURES. DO NOT PUT ANY COMMA, PESO SIGN, DECIMALS. AND EXTRA SPACES) 1. On December 31, 2022, what is the net income attributable to parent? 2. On December 31, 2022, what is the consolidated accumulated profits losses) attributable to parent? TERRENHENGEN

Answer rating: 100% (QA)

Net Income combined Parent Share NCI 30000012000020 Opening ... View the full answer