7. On January 1, 2017, Mae Products Corp. issues 12,000 shares of its P10 par stock to acquire the net assets Company. Underlying book value and fair value information for the balance sheet of Lou Steel Company at acquisition are as follows: Balance sheet Items Book value Fair value Cash 160,000 1960,000 Accounts receivable 100,000 100,000 Inventory 60,000 115,000 Land 50,000 70,000 Building and Equipment 400,000 350,000 Less: Accumulated Depreciation (150.000) Total Assets P520.000 Accounts payable P10,000 10,000 Bonds payable 200,000 180,000 Common stock (P5 par value) 150,000 Additional paid-in capital 70,000 Retained earnings 90.000 Total Liabilities and Capital P520.000 Lou Steel shares were selling at P18 and Mae Product shares were selling at P50 just before the merger announcement. Additional cash payments made by Mae Corporation in completing the acquisition were: Finder's fee paid to firm that located L Steel P10,000 Audit fee for stock issued by M Products 3,000 Stock registration fee for new shares of M Products 5,000 Legal fees paid to assist in transfer of net assets 9,000 Cost of SEC registration of M Products shares 1,000 How much is the increase in the total assets to be recorded by M Products