How much is the consolidated profit in 2021? Transcribed Image Text: On January 1, 2021, Masaya Co. issued equity instruments in exchange for 75% interest in Lungkots Co. Lungkots Co.’s

How much is the consolidated profit in 2021? Transcribed Image Text: On January 1, 2021, Masaya Co. issued equity instruments in exchange for 75% interest in Lungkots Co. Lungkots Co.’s
net identifiable assets have carrying amount and fair value of P300,000 and P360,000, respectively. The difference is
attributable to a building with a remaining useful life of 6 years.
The December 31, 2021 statements of profit or loss of Masaya Co. and Lungkots Co. are summarized below:
Statements of profit or loss
For the year ended December 31, 2021
Masaya Co.
Lungkots Co.
Revenues
1,200,000
480,000
(960,000)
(400,000)
Operating expenses
Profit for the year
240,000
80,000

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