Jenessa Jao Company acquired PGTG Company on December 31, 2019. The financial statement of PGTG Company as of December 31, 2019 is shown below: Assets: Liabilities and Equity: Cash P400,000 Current Liabilities P250,000 Marketable Securities 600,000 Bonds Payable 1,000,000 Inventory 1,000,000 Land 300,000 Common Stock 100,000 Building (net) 1,500,000 Addition Paid-in Capital 1,400,000 Equipment 800,000 Retained Earnings 1,850,000 Total Assets P4,600,000 Total Liabilities and Equity P4,600,000 Fair value for all accounts have been measured as of December 31, 2019 as follows: Assets: Liabilities and Equity: Cash P400,000 Current Liabilities P430,000 Marketable Securities 660,000 Bonds Payable 2,000,000 Inventory 1,100,000 Land 420,000 Common Stock 100,000 Building (net) 1,800,000 Addition Paid-in Capital 1,400,000 Equipment 1,400,000 Retained Earnings 1,850,000 Total Assets P5,780,000 Total Liabilities and Equity P5,780,000