Parent-Sub-NCI Transcribed Image Text: On January 1, 2018, Parent Company purchased 80% of the outstanding shares of Subsidiary Company for P800,000. On the date of acquisition, Subsidiary Company reported Ordinary

Parent-Sub-NCI Transcribed Image Text: On January 1, 2018, Parent Company purchased 80% of the outstanding shares of Subsidiary Company for P800,000. On the date of acquisition,
Subsidiary Company reported Ordinary Shares of P800,000 and Retained Earnings of P200,000. Subsidiary’s Inventory was understated by P20,000;
Equipment with a 5-year life was understated by P20,000, Building with an 8-year life was understated by P80,000 and land was understated by
P40,000. The non-controlling interest is to be stated at fair value and the fair value of the non-controlling interest on January 1, 2018 is P210,000.
The following are taken from the books of Parent and Subsidiary for 2018.
Parent
Subsidiary
Sales
2,000,000
1,500,000
Gross Profit
550,000
350,000
Net Income
200,000
150,000
Dividend Declared (to be paid on Jan 15, 2019)
100,000
50,000
Total Assets
5,000,000
4,000,000
From the data above, determine: Non-contrlling Interest as of December 31, 2018.

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