CASE PROBLEM#$2$: SUBSEQUENT TO ACQUISITON $($December $31,2022)-$ same problem but rephrased.

Continuation...Based on the information provided above, Assume that the company is using proportionate share to assess the NCl$.$ The Statements of Financial Positions for both companies on December $31,2022$ are presented below, along with the Statement of Profit or Loss.

On January $1,2022,$ PLDT Co$.$ acquired $70\%$ interest in Sun Co$.$ On acquisition date, Sub's capital was at P$312,000.$ Sub's identifiable assets approximated their fair values except for inventory with carrying amount of $P72,000$ and fair value of $P90,000$ and equipment with carrying amount of $P360,000$ and fair value of $P380,000.$ The remaining useful life of the building and equipment is $5$ years. PLDT also pays $P14,400$ in accounting and legal fees to accomplish the purchase.

Non$-$controlling interest was measured using the proportionate share method.

Consideration transferred is $P350,000$ cash.

$\backslash$table$[[$STATEMENT OF FINANCIAL POSITION $-$ December$],[$Assets$,$PLDT Co$.,$Sun Co$.],[$Cash$,622,800,80,000],[$Accounts receivable,$280,000,80,000],[$Inventory$,200,000,90,000],[$Property Plant and Equipment, net,$864,000,288,000],[,,],[$Accounts payable,$200,000,100,000],[$Notes Payable,$150,000,80,000],[$Ordinary shares, P$10$ par,$1,200,000,240,000],[$Share Premium,$120,000,24,000],[$Retained earnings,$646,800,94,000],[,,],[,,],[,,],[,,],[$STATEMENT OF PROFIT OR LOSS,,$],[$Cales$,$PLDT Co$.,$Sun Co$.],[$Cost of Goods Sold,$2,500,000,500,000],[$Operating Expenses,$(1,800,800),(302,000)$