Delta Plc has an 80% subsidiary Golf Ltd, which has been a subsidiary of Delta for the whole of the current year. Golf reported a profit after tax of £600,000 in its own financial statements. You ascertain that at the year-end there was unrealised profit of £60,000 on sales by Golf to Delta. What is the non-controlling interest in Golf that would be reported in the consolidated statement of profit or loss and other comprehensive income of Delta for the year? Show your calculations

The Passers Co. acquired 70% of the net assets of Failures Co. for P1,100,000. The assets of Failures Co. have a book value of P1,200,000 and a fair market value of P1,300,000; its liabilities are P200,000. What is the amount of minority interest in the stockholders’ equity section of the consolidated balance sheet?

.Miner Ltd acquired 75% of the share capital of Iver Ltd (Iver) for £1.2m three years ago, when Iver 's net assets were £1.4m. As at 31 August 2020, Iver has net assets of £1.75m.What figures would be included in the consolidated Statement of FinancialPosition as at 31 August 2020 for the Miner Group to reflect the ownership of Iver Ltd?a) Goodwill £200,000Non-controlling interest £1,312,500b) Goodwill £150,000Non-controlling interest £437,500c) Goodwill £150,000Non-controlling interest £1,312,500d) Goodwill £200,000Non-controlling interest £437,500 Show working

Odom Ltd purchased a 30% shareholding in Bryant Ltd on 1 Jan 20X7 for $60 000. This purchase resulted in Odom Ltd having significant influence over Bryant Ltd. Bryant's assets were recorded at fair values and its owners' equity, totalling $180 000, was: Share capital $80 000 Reserves $60 000 Retained profits $40 000 During 20X7 Bryant Ltd reported profit of $100 000, from which a dividend of $60 000 was paid. Also, during the year, Bryant revalued its assets upwards by $50 000, and sold inventories to Willams Ltd which is the subsidiary of Odom. Bryant made a profit of $4,000. Half of the inventories were still held by Willams by the year-end. Odom Ltd has an 80% equity interest in Willams Ltd. Required: Prepare journal entries for Odom Ltd to account for its investment in Bryant Ltd using the Equity Method. Use the Reclassification Method to account for the profit and dividends that Odom shares from Bryant. (Using the provided journal entry template to enter your answer;…

Martin has a controlling interest in Rowen’s outstanding stock. At the current year-end, the following information has been accumulated for these two companies:     Separate Operating Income Dividends Paid Martin $500,000 $90,000   (includes a $90,000 net gross profit in intra-entity ending inventory)   Rowen 240,000 80,000     Martin uses the initial value method to account for the investment in Rowen. The separate operating income figures just presented include neither dividend nor other investment income. The effective tax rate for both companies is 21 percent.     Assume that Martin owns 70 percent of Rowen’s voting stock, requiring separate tax returns. What is the total amount of income tax expense to be recognized in the consolidated income statement for the current period? (Round your intermediate calculations and final answer to nearest whole dollar amount.) Assume that Martin owns 70 percent of Rowen’s voting stock so that separate tax returns are required.…

Peat Company owns a 90% interest in Seaton Company. The consolidated income statement drafted by the controller of Peat Company appeared as follows: Peat Company and Subsidiary Consolidated Income Statement for Year Ended December 31, 2020 Sales Cost of Sales Operating Expense Consolidated Income $9,200,000 1,800,000 Less Noncontrolling Interest in Consolidated Income Controlling Interest in Consolidated Net Income 11,000,000 3,000,000 200,000 $2,800,000 During your audit you discover that intercompany sales transactions were not reflected in the controller's draft of the consolidated income statement. Information relating to intercompany sales and unrealized intercompany profit is as follows: $14,000,000 Cost Selling Price Unsold at Year-End 1/3 2/5 2019 Sales-Seaton to Peat $1,500,000 $1,800,000 2020 Sales-Peat to Seaton 900,000 1,400,000 Required: Prepare a corrected consolidated income statement for Peat Company and Seaton Company for the year ended December 31, 2020.

P Corporation is parent having purchased 60% of S Company's ordinary shares at par value of P600,000. S Company is in financial difficulty. The parent granted an unsecured loan of P200,000 to the subsidiary. An accounting statement of affairs for S Company shows a dividend of 30%. What amount can P Corporation expect to receive on the loan?