MAX Co. had the following transactions with two subsidiaries, DSR Inc. (90% owned) and LDV Corp. (65% owned) during 2020:

(1)Sales on account in the amount of P735,000 to DSR Inc., with P220,500 gross profit.DSR had P185,000 of this inventory on hand at year end.

(2)Purchases of raw materials on account totaling P2,940,000 from LDV Corp.LDV's gross profit on the sale was P588,000.MAX Co. had P680,000 of this inventory remaining on December 31, 2020.

At the end of the year, before the working paper entries were made, MAX Co. and its two subsidiaries had combined current assets of P6,200,000; combined sales of P14,500,000; combined cost of goods sold of P8,900,000;combined liabilities of P 7,400,000.

The following questions pertain to this problem:

What amount should MAX Co. report in its December 31, 2020 Consolidated Statement of Financial Position for Liabilities?

What amount should MAX Co. report in its December 31, 2020 Consolidated Statement of Comprehensive Income for cost of goods sold?