Additional paid in capital 80,250 44,000 44,000

138,750 51,000 36,000

P269,000 P115,000 P100,000

Retained earnings

Total

What amount of Investment Income is to be reported by Pony in its 2013 statement of comprehensive

income?

a. P12,000

b. P15,000

c. P 8,000

d. P20,000

20. Using the same data in No. 19, what is the price paid by Pony on January 1,2013?

a. P285,000

b. P125,000

c. P269,000

d. P384,000

21. Panasonic Corporation has several subsidiaries that are included in its consolidated financial

statements. In its December 31,2013, trila balance, Panasonic had the following inter-company balances

before eliminations:

Debit Credit

Current receivables due from Sony Co. P32,000

Non-current receivables from Sony Co. 114,000

Cash advance to Sure Corp. 6,000

Cash advance from Stop Co. P15,000

Inter-company payable to Stop Co. 101,000

In its December 31,2013 consolidated statement of financial position, what amount should Panasonic

report as inter-company receivables? a. P152,000

b. P146,000

c. P 36,000

d. P -0-

22. On January 1,2013, Phil. Inc. issued 400,000 additional shares of P10 par value common stock for all

of Sony Company’s common stock. Immediately before this business combination, Phil’s stockholders’

equity was P16,000,000 and Sony’s stockholders’ equity was P8,000,000.

On January 1,2013 the fair market value of Phil’s stock was P20 per share, and the fair value of Sony’s

net assets was P8,000,000.

Data from separate company’s 2013 operations follows:

Phil Sony

Net income P2,500,000 P600,000

Dividends paid 900,000

What is the consolidated stockholders’ equity at December 31,203?

a. P19,320,000