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  3. pice corp. owns 70 percent pf sor co.'s common sto

Pice Corp. owns 70 percent pf SOR Co.'s common stock acquired January 1, 2019. Total...

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Accounting

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Pice Corp. owns 70 percent pf SOR Co.'s common stock acquired January 1, 2019. Total amortization of excess from the investment is at a rate of P20,000 per year. SOR regularly sells merchandise to Pice at 150 percent of SOR's cost. Pice's December 31, 2019 and 2020 inventories include goods purchased intercompany of P112,500 and P33,000, respectively. The separate incomes (*do not include investment income) of Pice and SOR for 2020 are summarized as follows: Pice SOR Sales P 1,200,000 P800,000 Cost of sales (600,000) (500,000) Other expenses (400.000 (100.000 Separate income P200.000 P P200,000 Total consolidated income should be allocated to Retained Earnings and minority interest income in the amounts of

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