Pangasinan Company acquired 80% of the outstanding shares of Sorsogon Company on May 31, 2022. Accounting period of the two companies end on December 31. Which of the following represents the controlling interest in the 2022 consolidated net income? 100% of Pangasinan Company January 01 - December 31 income plus 80% of Sorsogon Company January 01 - December 31 income 100% of Pangasinan Company June 01 - December 31 income plus 80% of Sorsogon Company June 01 - December 31 income 100% of Pangasinan Company June 01 - December 31 income plus 80% of Sorsogon Company January 01 - December 31 income 100% of Pangasinan Company January 01 - December 31 income plus 80% of Sorsogon Company June 01 - December 31 income.

Pangasinan Company acquired 80% of the outstanding shares of Sorsogon Company on May 31, 2022. Accounting period of the two companies end on December 31. Which of the following represents the controlling interest in the 2022 consolidated net income? 100% of Pangasinan Company January 01 - December 31 income plus 80% of Sorsogon Company January 01 - December 31 income 100% of Pangasinan Company June 01 - December 31 income plus 80% of Sorsogon Company June 01 - December 31 income 100% of Pangasinan Company June 01 - December 31 income plus 80% of Sorsogon Company January 01 - December 31 income 100% of Pangasinan Company January 01 - December 31 income plus 80% of Sorsogon Company June 01 - December 31 income.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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