On January 1,2020 , Sora Company acquired the net assets of Roxas Company. The Statements of Financial Position ofSora andRoxas immediately before the acquisition are as follows: Sora paid P2,000,000 cash which excludes a contingent consideration to pay P500,000 if Roxas will be able to report net income of at least P2,500,000 for the year 2020. It was estimated that there is only a 40% probability that Roxaswill be able to generate at least P2,500,000. The fair value of the contingent consideration on date of acquisition was P150,000. Sora paid the following acquisition-related costs: Required: 1. How much is the goodwill (gain on acquisition) to be recognized by Sora Company? 2. How much is the consolidated assets to be reported as of January 1, 2020? 3. How much is the consolidated liabilities to be reported as of January 1, 2020? 4. How much is the consolidated shareholders' equity to be reported as of January 1 , 2020? 5. How much is the consolidated retained earnings to be reported as of January 1 , 2020? 6. Prepare the necessary journal entry to record the acquisition in the books of Sora