Phlaire acquired 70 percent of Syanne on July 1, 20x5. Based on the purchase price, proportionate goodwill of P450,000 was recognized. The 20x6 financial statements are as follows: Phlaire Syanne Income Statement P 900,000 (600,000) (150,000) Sales P 1,200,000 Cost of Goods Sold Operating Expenses Dividend Income (802,500) (150,000) 52,500 -0- Net Income P. 300,000 P 150,000 Statement of Accumulated Profits Accumulated Profits, January 1, 2016 P1,950,000 P 1,275,000 Net Income 300.000 150,000 Dividends Paid (150,000) (75,000) Accumulated Profits, December 31, 2016 P2,100,000 P 1,350,000 Statement of Financial Position P 600,000 447,000 1,353,000 Cash and Receivables Inventory Investment in Syanne Fixed Assets Accumulated Depreciation Total Assets P 450,000 1,050,000 -0- 1,500,000 (450,000) P 3,450,000 P 2,100,000 900,000 (300,000) P 600,000 900,000 450,000 Liabilities P Ordinary share Accumulated profits Total Liabilities and Equity 150,000 2,100 000 (Ctrl) - P 3,450,000 P 2,100,000 Phlaire sells inventory costing P108,000 to Syanne during 20x5 for P180,000. At year's end, 30 percent is left Svanne sellsinventory costing P300 000 to Phlaire during 201x for P375 00 O At vear's end 20 percent is

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Determine the consolidated non controlling interest in net income in the year 20x6

Phlaire acquired 70 percent of Syanne on July 1, 20x5. Based on the purchase price, proportionate goodwill of
P450,000 was recognized. The 20x6 financial statements are as follows:
Phlaire
Syanne
Income Statement
900,000
(600,000)
(150,000)
Sales
P 1,200,000
(802,500)
(150,000)
P
Cost of Goods Sold
Operating Expenses
Dividend Income
52,500
-0-
Net Income
300.000
P.
150.000
Statement of Accumulated Profits
Accumulated Profits, January 1, 2016
P 1,275,000
P1,950,000
300,000
Net Income
150,000
Dividends Paid
(150,000)
( 75,000)
Accumulated Profits, December 31, 2016
P2,100,000 P 1,350,000
Statement of Financial Position
Cash and Receivables
600,000
447,000
P
450,000
1,050,000
Inventory
Investment in Syanne
Fixed Assets
1,353,000
1,500,000
-0-
900,000
Accumulated Depreciation
Total Assets
(450,000)
P 3,450,000 P 2,100,000
(300,000)
Liabilities
600,000
150,000
P
900,000
P
Ordinary share
Accumulated profits
Total Liabilities and Equity
450,000
2,100 000
(Ctrl)
P 3,450,000 P 2,100,000
Phlaire sells inventory costing P108,000 to Syanne during 20x5 for P180,000. At year's end, 30 percent is
left. Syanne sellsinventory costing P300,000 to Phlaire during 201x for P375,000. At year's end, 20 percent is
left.
Transcribed Image Text:Phlaire acquired 70 percent of Syanne on July 1, 20x5. Based on the purchase price, proportionate goodwill of P450,000 was recognized. The 20x6 financial statements are as follows: Phlaire Syanne Income Statement 900,000 (600,000) (150,000) Sales P 1,200,000 (802,500) (150,000) P Cost of Goods Sold Operating Expenses Dividend Income 52,500 -0- Net Income 300.000 P. 150.000 Statement of Accumulated Profits Accumulated Profits, January 1, 2016 P 1,275,000 P1,950,000 300,000 Net Income 150,000 Dividends Paid (150,000) ( 75,000) Accumulated Profits, December 31, 2016 P2,100,000 P 1,350,000 Statement of Financial Position Cash and Receivables 600,000 447,000 P 450,000 1,050,000 Inventory Investment in Syanne Fixed Assets 1,353,000 1,500,000 -0- 900,000 Accumulated Depreciation Total Assets (450,000) P 3,450,000 P 2,100,000 (300,000) Liabilities 600,000 150,000 P 900,000 P Ordinary share Accumulated profits Total Liabilities and Equity 450,000 2,100 000 (Ctrl) P 3,450,000 P 2,100,000 Phlaire sells inventory costing P108,000 to Syanne during 20x5 for P180,000. At year's end, 30 percent is left. Syanne sellsinventory costing P300,000 to Phlaire during 201x for P375,000. At year's end, 20 percent is left.
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