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