ated financial statements or P COMPANY and S COMPANY: 1. Total Assets Total Liabilities Equity 3. Portland Corporation purchased 80% of the voting common stock of Sidney Corporation for P2,760,000 cash on January 2, 2020. On this date, before combination, the book value and fair value of Portland and Sidney were as follows: Portland Corporation Sidney Corporation Book value Fair value Book value Fair value Cash P 3,000,000 P 3,000,000 P 60,000 P 60,000 Receivables - net 800,000 800,000 200,000 200,000 Inventories 1,100,000 1,200,000 400,000 500,000 Other current assets 900,000 900,000 150,000 200,000 Land 3,100,000 4,000,000 500,000 600,000 Buildings - net 6,000,000 8,000,000 1,000,000 1,800,000 Equipment - net 3,500,000 4.500,000 800.000 600.000 P18,400,000 P22,400,000 P3,110,000 P3,960,000 Accounts payable P 400,000 400,000 200,000 200,000 Other liabilities 1,500,000 1,600,000 610,000 560,000 Share capital, P10 P15,000,000 2,000,000 Retained earnings 1.500.000 300,000 P18,400,000 P3,110,000 Determine the following asset balances that would appear in the consolidated financial statements of Portland and its 80% owned subsidiary: 1) Current Assets Land Building and Equipment Goodwill Investment in Sidney Corporation Ordinary shares Retained earnings Minority interest Goodwill and minority interest assuming that Sydney's shares are traded in the stock market at P 20/share. ADV 2: CONSOLIDATION OF FINANCIAL STATEMENTS Page 4