On January 1, 2017, Tiffany Corporation acquired 30,000 shares of Maricris Corporations 100,000 shares outstanding for P5,000,000. The book value of Maricris identifiable net assets on this date was at P14,000,000. All its assets carrying amount approximated their fair values except for a depreciable assets with a remaining useful life of 5 years, which was undervalued on this date by P1,600,000. Maricris reported total comprehensive income in 2017 at P4,000,000 which was net of a foreign exchange loss reported in as other comprehensive loss at P800,000. Maricris also paid dividends at P1,500,000 at the end of the year, P500,000 of which is from pre-acquisition Retained Earnings. The FMV of shares on this date was at P210 per share