On January 1, 2005, Pat acquired 80% of Shey outstanding ordinary shares for P950.000 Pauses the cost method to record the investment account. The statement of financial position of Paz and Shey on December 31, 20x1 are as follows Paz Shey Cash 2.500.000 1.000.000 500.000 250.000 Accounts receivables Inventary 800.000 200.000 Investment in Shey 950,000 Land 2.000.000 Building.net 1.200.000 Equipment - net 600.000 500.000 Total 8.550,000 1,950,000 Current liabilities Ordinary shares 750.000 500.000 3,000,000 650.000 500.000 100.000 Share premium Retained earnings 4,300.000 700,000 Total 8.550.000 1,950.000 On January 1, 2005, the assets and liabilities at book value of Shey approximates its fair value except for the inventory and equipment which is undervalued by P50,000 and P20,000, respectively. The equipment has a remaining useful life at 5 years. Par measures the NC at proportionate share basis On December 31, 2045, Paz reported net income of P1.000.000 and paid dividends of P400,000 while Shey reported net income of P400,000 and paid dividend of PB0.000 to Paz What is the amount of consolidated assets on December 31, 20:57 On January 1, 2005, Pat acquired 80% of Shey outstanding ordinary shares for P950.000 Pauses the cost method to record the investment account. The statement of financial position of Paz and Shey on December 31, 20x1 are as follows Paz Shey Cash 2.500.000 1.000.000 500.000 250.000 Accounts receivables Inventary 800.000 200.000 Investment in Shey 950,000 Land 2.000.000 Building.net 1.200.000 Equipment - net 600.000 500.000 Total 8.550,000 1,950,000 Current liabilities Ordinary shares 750.000 500.000 3,000,000 650.000 500.000 100.000 Share premium Retained earnings 4,300.000 700,000 Total 8.550.000 1,950.000 On January 1, 2005, the assets and liabilities at book value of Shey approximates its fair value except for the inventory and equipment which is undervalued by P50,000 and P20,000, respectively. The equipment has a remaining useful life at 5 years. Par measures the NC at proportionate share basis On December 31, 2045, Paz reported net income of P1.000.000 and paid dividends of P400,000 while Shey reported net income of P400,000 and paid dividend of PB0.000 to Paz What is the amount of consolidated assets on December 31, 20:57