On December 31, 2018, the following information were taken from the trial balances of Nidoking Company and Nidoqueen Company: Nidoking Nidoqueen Cash P120,000 P20,000 Accounts Receivable 30,000 30,000 Inventories 130,000 100,000 Noncurrent Assets 160,000 130,000 Current Liabilities 30,000 20,000 Noncurrent Liabilities 60,000 40,000 Ordinary Shares 110,000 100,000 Share Premium 20,000 0 Retained Earnings 220,000 120,000 On December 31, 2018, Nidoking issues 4,000 shares of its P20 par value stock for 70% of the outstanding shares of Nidoqueen. Nidokings stock had a P28 per share fair value. Contingent consideration that is determinable amounted to P12,000. Nidoking also paid the following: P19,000 for brokers fee, P21,000 for pre-acquisition audit fee, P20,500 for legal fees, P17,000 for audit fee for SEC registration regarding stock issue and P16,500 for printing stock certificates. Nidoqueen holds a machinery that is worth P25,000 less than its current carrying amount. The retained earnings of Nidoqueen on January 1, 2017 amounted to P60,000. The fair value of the non-controlling interest is P50,000.