On January 1, 20x1, Sunny Co. acquired 60% interest in Rainy Co. for P300,000. The financia statements of Sunny Co. and Rainy Co. right after the business combination follows: Sunny Co. Rainy Co. Rainy Co. Carrying Carrying Fair value amt. amt. Cash 80,000 50,000 50,000 Inventory 400,000 120,000 80,000 Investment in subsidiary 300,000 Land 600,000 200,000 250,000 Total assets 1,380,000 370,000 380,000 Accounts payable 200,000 80,000 80,000 Share capital 1,000,000 250,000 250,000 Retained earnings 180,000 40,000 50,000 Total liabilities & equity 1,380,000 370,000 380,000 NCI is measured under the proportionate share method. Requirement: Prepare the consolidated statement of financial position on January 1, 20x1