Compute the consolidated assets in 2023

Finale Corporation acquired 80% of the outstanding shares of Closing Company on January 2, 2022 for P3,250,000, excluding control premium of P125,000. On this date, the balances of Closing Company's stockholders' equity accounts were: Ordinary Shares -P2,475,000 and Retained Earnings- P495,000. An examination of Closing Company's assets and liabilities on the date of acquisition, revealed that book values were equal to their fair values for all items except merchandise, which was undervalued by P260,000; land, which was undervalued by P410,000; equipment, which was overvalued by P290,000 and copyright was undervalued by P380,000 and any remaining excess was attributable to goodwill. 3/4 of the inventories were sold in 2022 and 1/4 of the remaining amount from previous year in 2023. The equipment had a remaining life of 5 years while copyright had a remaining life of 8 years. Goodwill arising from acquisition was impaired in the amount of P30,000 in 2022 and P50,000 in 2023. Noncontrolling interest is measured at fair value in the amount of P850,000. During 2022, intercompany sales of merchandise amount to P1,450,000, of which P125,000 remains in the ending inventory of Closing Co. Likewise, Finale Corp.'s December 31, 2022 inventory includes P148,000 from intercompany cash sales. Finale Corporation's mark-up was 30% of sales while Closing Company's selling price is at 125% of cost. On April 1, 2023, There was a downstream sale of land for P2,400,000. On this date the land was carried on Finale Co.'s books at P1,600,000. On July 1, 2023, Closing Company sold a furniture to Finale Corporation for P400,000. On this date the furniture was carried on Closing Co.'s books, net of accumulated depreciation at P540,000. The furniture was estimated to have a remaining life of 4 years on the date of sale. On October 1, 2023, there was an upstream sale of building for P4,950,000. On this date the building was carried on Closing Co.'s books, net of accumulated depreciation at P4,125,000. The building was estimated to have a remaining life of 6 years on the date of sale. Also, there were inter-company cash sales of merchandise. During 2023, intercompany sales amount to P2,970,000, of which P198,000 remains in the ending inventory of Closing Co. Likewise, Finale Corp.'s December 31, 2023 inventory includes, P231,000 from intercompany sales. Finale Corporation accounts for its Investment in Closing Company using the cost method. Unconsolidated Statement of Financial Position as of December 31, 2023 show: Cash Trade Receivables FINALE CLOSING 1,550,000 985,000 728,000 800,000 Merchandise Inventory 1,980,000 1,260,000 Furniture, net 570,000 370,000 Equipment, net 1,300,000 500,000 Building, net 6,000,000 1,500,000 Land 3,800,000 2,700,000 Copyright, net 370,000 220,000 Goodwill 120,000 Investment in Closing Co. 3,375,000 Cost of goods sold 6,600,000 3,200,000 Loss on sale of furniture 37,000 140,000 Operating expenses 3,465,000 1,290,000 Dividend declared 1,650,000 1,500,000 31.425,000 14,585,000 Liabilities 2,450,000 1,535,000 Ordinary shares 9,250,000 2,475,000 Retained Earning, 1/1.23 3.975,000 1,650,000 Sales 13,250,000 7,600,000 800,000 200,000 Gain on sale of land Gain on sale of building Dividend revenue 400,000 825,000 1,300,000 300,000 31,425,000 14,585,000