6. ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January 1, 2022 ABC purchased all of XYZ Inc's Common Shares for P40,000 in cash. On that date, XYZ's Current Assets and Fixed Assets were worth P26,000 and P54,000, respectively. Assuming that Consolidated Financial Statements were prepared on that date, determine the value of the current assets of the combined entity:*

4 points

ABC XYZ Current Assets P 60,000 P10,000 Fixed Assets (net) 100,000 60,000 Total Assets P140.000 P70.000 Current Liabilities P 42,000 P35,000 Bonds Payable 20,000 12,000 Common Shares 90,000 12,000 Retained Earnings 8,000 11,000 Total Liabilities and Equity P160,000 P70.000