Intercompany merchandise 100,000

sales, 2012
Intercompany merchandise 20,000

sales, 2013
Intercompany inventory, 15,000

December 31, 2012

Intercompany inventory, 20,000

December 31', 2013

Cost of real estate sold on 600,000

January 1, 2012
Sales price of real estate on 800,000

January 1, 2012
Depreciable life ofbuilding 20years

32. For 2012, what is the consolidated comprehensive income attributable to controlling

interest?

a. P523,200

b. P525,000

C. P625,000

d. P532,500

33. For 2013, whit is the consolidated comprehensive income attributable to controlling

interest?

a. P534,400
b. P543,000

c. P453,400

d. P543,400

34. Primo Company acquired 75% in Sofa Company, which is recorded on a cost basis. For the

fiscal year ended June 30,2013, the following data were taken from their respective books.

Net income of Primo Company was P250,000, while the net income of Sofa Company was

P90,000. There was intercompany interest on bonds of P10,000. Sofa company paid dividends

of P18,000.

What is the consolidated comprehensive income attributable to parent on June 30,2013?

a. P295,450

b. P304,000

c. P317,950

d. P326,500

35. On January 1, 2013, Padre Company purchased an 80% investment in Saint

pang. The price paid was equal to Padre's interest in Saint’s net assets at that date.

On January 1, 2013, Padre and Saint had retained earnings of P1,000,000 and

P200,000 respectively. During 2013: