On January 2. 2023, QWE Company purchased 80% of the outstanding shares of ASD Company for a consideration of P19,000,000 including in the price paid is control premium in the amount of P500,000. The acquisition related cost amount to P45,000. At that date, ASD had P16,000,000 of ordinary shares outstanding and retained earnings of P6,400,000 ASD's equipment with a remaining life of 5 years had a book value of P9,000,000 and a fair value of P10,520,000. ASD's remaining assets had book values equal to their fair values. All intangibles except goodwill are expected to have remaining lives of 8 years. The income and dividend figures for both QWE and ASD are as follows: Net income of QWE in 2023 is P3,600,000; 2024 is P4,400,000. Net income of ASD in 2023 is P1,360,000 2024 is 2 040,000. Dividends declared by QWE in 2023 is 880,000; 2024 is 1,560,000. Dividends declared by ASD in 2023 is 280,000; 2024 is 520,000. QWE's retained earnings balance at the date of acquisition was 13,800, 000

 1. What is the consolidated retained earnings attributable to controlling interest in 2024? 

2. What is the consolidated profit in 2024? 

3. What is the non-controlling interest in net assets in 2024? 

4. What is the non-controlling interest in net income in 2023?

Answer rating: 100% (QA)

To answer these questions we need to follow these steps 1 Determine the goodwill on acquisition 2 Ca... View the full answer