29. the assets and liabilities of R were stated at their fair values when A acquired it's 80% interest and the fair value method was used to initially measure the NCI. A uses the cost method to account for its investment in R. Net income and dividends for 2021 for the affiliated companies were:

A Corp. R Corp.

Net Income P105,000 P31,500

Dividends paid 63,000 17,500

Dividends Payable, 1/1 20,000 9,250

Dividends Payable 12/31 31,500 8,750

Retained Earnings of A Corp. in the separate FS at the beginning of the year is P420,000. End of the year evaluation indicates P3,000 impairment in goodwill. The consolidated retained earnings at December 31, 2021 is: