On January 1, 2019, Popoy Co. acquired 80% interest in Sasa Co. by issuing 12,500 shares with fair value of P15 per share. On this date, Sasa CO.s total equity was P185,000. The investment in subsidiary is measured at cost. Assuming NCI is measured at Fair Value of P46,875. Sasa Co.s assets and liabilities approximate their fair values on January 1, 2019 except the following: Carrying Amounts Fair Values Inventory (all inventories sold) P 57,500 P 77,500 Equipment (4yrs remaining life) 100,000 120,000 There were no intercompany transactions during 2019 and no dividends declared during the period. The December 31, 2019 individual FS of the entities shows the following information: Popoy Co. Sasa Co. Total Assets P1,045,000 P310,000 Total Liabilities 182,500 75,000 Share Capital 425,000 125,000 Share Premium 162,500 Retained Earnings 275,000 110,000 Total Equity 862,500 235,000 Total Liabilities and Equity P1,045,000 P310,000 Profit of the Year P 150,000 P 50,000