The separate incomes (which do not include investment income) of Celine Corporation and Margaux Corporation, its 80% owned subsidiary, for 2020 were determined as follows: CELINE MARGAUX Sales Less...

Extracted text: The separate incomes (which do not include investment income) of Celine Corporation and Margaux Corporation, its 80% owned subsidiary, for 2020 were determined as follows: CELINE MARGAUX Sales Less Cost of sales. Gross profit . P800,000 400,000 P400,000 P200,000 120,000 P 80,000 Other expenses 200,000 60,000 Separate incomes. P200,000 P 20,000 During 2020 Celine sold merchandise that cost P40,000 to Margaux for P80,000, and at December 31, 2020 half of these inventory items remained unsold by Margaux. The Consolidated sales for 2020: 800,000 920,000 O 1,000,000 560,000