On January 3, 2016, P Company acquired 70% interest in S Company for P4,200,000 cash. On this date, the equity of S Company is as follows:

Ordinary Share Capital:

P - 3,300,000

S - 1,450,000

Accumulated Profits

P - 5,450,000

S - 2,800,000

There was no issuance of ordinary shares during the year. Non-controlling interest is initially measured at fair value of P1,675,000. Fair value of the following assets of S Company exceeded their book values: Inventories, P150,000; Fixed assets (remaining life - 5 years), P600,000. All other assets and liabilities are fairly valued. Goodwill is impaired by P225,000. P Company reported income and declared dividend of P1,425,500 and P380,250, respectively. S Company has income and dividend declared of P750,000 and P150,000, respectively. How much is the consolidated equity as of December 31, 2016, Consolidated FS?