56. Pong Co. owns 70% of Simm Co.'s outstanding common stock. Pong's liabilities total P 450,000, and Simm's liabilities total P 200,000. Included in Simm's financial statements is a P 100,000 note payable to Pong. What amount of total liabilities should be reported in the consolidated financial statements? a. P 520,000 b. P 550,000 c. P 590,000 d. P 650,000