Prepare the set of consolidated financial statements at the end of the year. Transcribed Image Text: Pop Corporation (PC) purchased 75% of the voting stock of Samantha Company (SC) on

Prepare the set of consolidated financial statements at the end of the year. Transcribed Image Text: Pop Corporation (PC) purchased 75% of the voting stock of Samantha Company (SC) on January 1, 20×1 for
P225,000. The non-controlling interest (NCI) is measured on a fair-value basis, and the carrying and fair value
of SC’s identifiable net assets are equal. Given below are the trial balances of the companies as of December
31, 20X1.
Pop Corporation
Debit
Credit
100,000
Samantha Company
Debit
Credit
Cash
110,000
Accounts Receivable
Inventory
Property, Plant, and Equipment (net) 300,000
Investment in Samantha Company
20,000
105,000
125,000
80,000
150,000
225,000
Cost of Goods Sold
325,000
200,000
Operating Expenses
Other Expenses
Dividend Declared
120,000
50,000
40,000
120,000
20,000
14,000
Sales
725,000
200,000
400,000
94,000
Accounts Payable
Bonds Payable
Common Stock
Retained Earnings
Dividend Income
Total
104,500
250,000
100,000
20,000
125,000
75,000
10,500
1,390,000 1,390,000
714,000 714,000

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