Growth Corporation acquired an 70% interest in Expanded Company on January 1, 2022 for P245,000. On this date the share capital and retained earnings of two companies were as follows:

	Growth	Expanded
Share Capital	P630,000	P175,000
Retained Earnings	280,000	35,000

The assets and liabilities of Expanded were stated at their fair values when Growth acquired its 70% interest and the proportionate share in net identifiable asset was used to initially measure the NCI. Growth uses the cost method to account for its investment in Expanded. Net income and dividends for 2022 for the affiliated companies were:

	Growth	Expanded
Net Income	P120,000	P50,000
Dividends Paid	42,000	18,000
Dividends Payable, 12/31/2021	26,000	10,000
Dividends Payable, 12/31/2022	31,000	8,000

End of the year evaluation indicates P5,000 impairment of goodwill. (INPUT YOUR ANSWERS IN FIGURES. DO NOT PUT ANY COMMA, PESO SIGN, DECIMALS, AND EXTRA SPACES)

1. How much is the consolidated net income?
2. How much is the consolidated retained earnings at December 31, 2022?