a.

P25,300 P4,900
b. P27,000 P5,000
c. P29,000 P7,000
d. P25,000 P7,000
48. PR Corporation holds 80 percent of the stock of SR Company. During 2013 PR

purchased merchandise for P40,000 and resold P30,000 to SR for P48,000. SR

Company reported sales of P67,000 in 2013 and had inventory of P16,000 on

December 31, 2013. The companies had no beginning inventory and had no other

transactions in 2013.

What amount of cost of goods sold and consolidated comprehensive income will

be reported in the 2013 consolidated statement of comprehensive income?

Cost of goods sold Consolidated net

income
a. P20,000 P53,000
b. P30,000 P40,000
c. P 52,00 P47,000
d. P20,000 P47,000
49. PC Corporation purchased 80 percent interest in SD Company for P600,000 on

January 1, 2012, at which time SD's stockholders' equity amounts to P700,000.

The excess cost over book value was assigned to goodwill which is not amortized.

Statements of comprehensive income of the two companies for 2013 are as follows:

SD

PC

Sales P1,000,0® P500,000

Income from subsidiary SD 112,000
Cost of sales ( 400,000) ( 250,000)
Operating expenses ( 220,000)
 ( 100,000)
Comprehensive income P 492 000 P150,000

No. 50 - Continued

During 2012 SD sold inventory items to PC for P80,000. This merchandise cost SD P50,000 and

one-fourth of it remained in PC's December 31, 2013 inventory. During 2013 SD's sales to PC

amounted to P90,000. This merchandise cost SD P63,000 and one-half of it remained in PC's

December 31, 2013 inventory.

What is the consolidated comprehensive income attributable to parent on Decem-ber 31,

2013?

a. P492,600

b. P492,000

C. P495,200

d. P490,000

51. Below are relevant data for Pan and Sol Companies for 2012 and 2013: