On January 1, 20x1, Day Co. acquired 75% interest in Night Co. for P216,000. On this date, the carrying amount of Night's net identifiable assets was P192,000, equal to fair value. Non- controlling interest was measured using the proportionate share method.

The financial of the entities on December 31, 20x1 show the following information:

1.What is the carrying amount of the equipment sold by Day Co. to Night Co. in the consolidated financial statements?

2. Using the same data, how much is the Consolidated Equipment-Net?

3. Using the same data, how much is the Consolidated Equipment-Net?

Additionalinformation: - No dividends were declared by either entity during 20x1. There is also no impairment of goodwill. - However, on January 1, 20x1, right after the business combination, Day Co. sold equipment with historical cost of P144,000 and accumulated depreciation of P86,400 to Nigh Co. for P72,000. Day Co. has been depreciating this equipment over a useful life of 10 years using the straight-line method Night Co. decided to continue this accounting policy and depreciate the equipment over its remaining usefullife of 4 years