Answer Happy

On January 2, 2019, U Co. purchased 75% of the outstanding
shares of N Co. resulting to a goodwill of P60,000. On that date,
the non-cash assets of N Co. whose book values did not equal their
book values were accounts receivable which was overstated by P4,500
and equipment with a remaining 5 year life on the purchase date
which was understated by P50,000. For the year 2010, U and N
reported net income of P350,000 and P200,000 each respectively. U’s
beginning inventory included merchandise purchased from N Company
amounting to P39,000 which was sold to them by N at a 30% markup,
80% of these goods were sold during the year. N, on the other hand,
included inventory items which they purchased from U Co. amounting
to 18,000. These goods were sold by U at a 25% markup. 90% of these
goods were sold by N for the year.
DETERMINE THE FOLLOWING: (In good Accounting form please.)
Consolidated net income for 2020
Noncontrolling interest's share in the Net income of the
subsidiary
Equity Shareholder's Net Income
Total realized gross profit (from upstream and downstream
sales)