Samsong and Apol are trade partners. Samsong supplies electronic chips to Apol. During 2019, Samsong generated...

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Samsong and Apol are trade partners. Samsong supplies electronic chips to Apol. During 2019, Samsong generated P145,000 of net income from January 1 to March 31. On March 31, 2019, Apol bought 90% of Samsong's outstanding capital for P650,000. All of Samsong's assets and liabilities had a fair values equal to book values except for an equipment which has a book value of P400,000 and a fair value of P500,000 with remaining life of 10 years. On the date of acquisition, shareholders' equity of the two companies were as follows: Apol Samsong 303,030 512,125 On December 31, 2019, Samsong reported a Net Income of P415,145 and paid dividends of P12,344 to Apol. Apol reported a Net Income of P567,789 and paid dividends of P215,345. Ordinary Shares Retained Earnings 1,050,500 2,050,020 During 2020, intercompany transactions were as follows: Apol purchased P562,500 worth of merchandise from Samsong (20% are still unsold at year end). • Samsong purchased P265,300 worth of merchandise from Apol (15% are still unsold at year end). Samsong's gross profit is 25% on cost. Apol's gross profit is 25% on sales. On December 31, 2020, Samsong reported a Net Income of P645,546 and paid dividends of P56,456. Apol reported Net Income of P1,025,205 and paid dividends of P205,025. Compute the following: 11. 2019 CNI-NCI 12. 2019 CNI-Parent 13. Value of NCI as of December 31, 2019 14. Consolidated RE as of December 31, 2019 15. Consolidated Shareholders Equity as of December 31, 2019 16. 2020 CNI-NCI 17. 2020 CNI-Parent 18. Value of NCI as of December 31, 2020 19. Consolidated RE as of December 31, 2020 20. Consolidated Shareholders Equity as of December 31, 2020 Samsong and Apol are trade partners. Samsong supplies electronic chips to Apol. During 2019, Samsong generated P145,000 of net income from January 1 to March 31. On March 31, 2019, Apol bought 90% of Samsong's outstanding capital for P650,000. All of Samsong's assets and liabilities had a fair values equal to book values except for an equipment which has a book value of P400,000 and a fair value of P500,000 with remaining life of 10 years. On the date of acquisition, shareholders' equity of the two companies were as follows: Apol Samsong 303,030 512,125 On December 31, 2019, Samsong reported a Net Income of P415,145 and paid dividends of P12,344 to Apol. Apol reported a Net Income of P567,789 and paid dividends of P215,345. Ordinary Shares Retained Earnings 1,050,500 2,050,020 During 2020, intercompany transactions were as follows: Apol purchased P562,500 worth of merchandise from Samsong (20% are still unsold at year end). • Samsong purchased P265,300 worth of merchandise from Apol (15% are still unsold at year end). Samsong's gross profit is 25% on cost. Apol's gross profit is 25% on sales. On December 31, 2020, Samsong reported a Net Income of P645,546 and paid dividends of P56,456. Apol reported Net Income of P1,025,205 and paid dividends of P205,025. Compute the following: 11. 2019 CNI-NCI 12. 2019 CNI-Parent 13. Value of NCI as of December 31, 2019 14. Consolidated RE as of December 31, 2019 15. Consolidated Shareholders Equity as of December 31, 2019 16. 2020 CNI-NCI 17. 2020 CNI-Parent 18. Value of NCI as of December 31, 2020 19. Consolidated RE as of December 31, 2020 20. Consolidated Shareholders Equity as of December 31, 2020

Answer rating: 100% (QA)

2019 CNINCI P415145 12 2019 CNIParent P567789 13 Value of NCI as of December 31 2019 P650000 14 Consolidated RE as of December 31 2019 P1444179 15 Con... View the full answer