COMPUTE FOR THE CONSOLIDATED ASSETS FOR 2022

ABC acquired 70% of EFG on June 30, 2021. Based on EFG's acquisition-date fair value on intangible of P300,000 was recognized and is being amortized at the rate of P10,000 per year. The 2022 financial statements are as follows: ABC EFG Sales 800,000 600,000 Cost of goods sold (535,000) (400,000) Operating Expenses (100,000) (100,000) Dividend Income 35,000 Net Income 200,000 100,000 Retained Earnings, beg 1,300,000 850,000 Net Income 200,000 100,000 Dividend Paid (100,000) (50,000) Retained Earnings, end 1,400,000 900,000 Cash and Receivables 400,000 300,000 Inventory 298,000 700,000 Investment in EFG 902,000 Fixed Assets 1,000,000 600,000 Accumulated Depreciation (300,000) (200,000) Totals 2,300,000 1,400,000 Labilities 600,000 400,000 Ordinary Share 300,000 100,000 Accumulated Profit 1,400,000 900,000 Totals 2,300,000 1,400,000 ABC sold EFG inventory costing P72,000 during the last six months of 2021 for P120,000. At year-end 30% remained. ABC sells EFG inventory costing P200,000 during 2022 for P250,000. At year-end, 20% is left. Compute for Consolidated asset for 2022