Problem
1. Entity P owns 70,000 shares of Entity S 100,000 outstanding ordinary shares, acquired at book value. The December 31, 2022 consolidated financial position presented by Entity P and Entity S included net assets in the amount of P1,000,000. On January 1, 2023, Entity P sells 50,000 shares of Entity S for P800,000. The fair value of Entity P's remaining 20% interest in Entity S is P150,000. What amount of gain or loss on disposal of Entity P's shares resulting in deconsolidation?
2. MALAPIT NA Corporation acquired 80% interest in Nectar Corporation on January 1, 2022 at a cost equal to book value and fair value. In the same year Nectar sold land costing P30,000 to MALAPIT NA for P50,000. On July 1, 2027, MALAPIT NA sold the land to an unrelated party for P110,000. What was the gain on the consolidated income statement?