On January 2, 2013, ABC Corporation purchased 70 percent of the commonstock of XYZ Company for P412,500. At that date, XYZ had P431,250 of common stock outstanding the retained earnings of P138,750. Equipment with a remaining life of 5 years had a book value of P210,000 and a fair value of P225,000. XYZ's remaining assets had book values equal to their fair values. All intangibles except goodwill are excepted to have remaining lives of 10 years. The income and dividend figures for both ABC and XYZ are as follows:

Income

Dividends

ABC:

2013

P 138,750

P 37,500

2014

157,500

45,000

XYZ:

2013

30,000

7,500

2014

50,250

11,250

ABC's income as shown does not include any dividend income from XYZ. ABC's retained earnings balance at the date of acquisition was P525,750. On December 31, 2014, the consolidated net income and consolidated retained earnings are: