Please answer. ASAP.

During 2018 PRIME COMPANY sold land with a cost of

P230,400 to its 80% owned subsidiary, SPEAR, INC., for P

307,200. The subsidiary sold the land in 2020 to an

outsider for P430,080. The subsidiary and the parent

reported net income as follows:

PRIME CO SPEAR, INC

2018 P539,136 236,544

2019 514,560 228,864

2020 606,720 253,440

The reported income of the parent company includes

P78,336 of dividend income each year.

Requirements:

1. Calculate Prime Company's investment income from

Spear Company in 2018, 2019, and 2020.

2. Determine non-controlling interest in the net income of

the subsidiary in 2018, 2019 and 2020.

3. Show the consolidated net income for 2018, 2019 &

2020. Allocate each to Controlling and non-controlling

interests.

4. Elimination entries for 2018, 2019, and 2020.