On January 2, 2018, Masakit Co. purchased an 80% investment in Maiwan Co. The purchase price was equal to Masakits equity in Maiwans net assets at that date. On January 2, 2018, Masakit and Maiwan had retained earnings of P500,000 and P100,000, respectively. During the 2018, (1) Masakit has CI of P200,000, which included its equity in Maiwans dividends, and declared dividends of P50,000; (2) Maiwan has CI of P40,000 and declared dividends of P20,000; and (3) there were no other intercompany transactions. On December 31,2018, the consolidated retained earnings should be:

Ans: 24,000. Provide solutions.