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On January 1, 2021, ABC Co. acquired 80% interest in XYZ, Inc. by issuing 5,000 shares with fair value of P15 per share. On this date, XYZ's equity comprised of P50,000 share capital and P24,000 retained earnings. NCI was measured at its proportionate share in XYZ's net identifiable assets. XYZ's assets and liabilities on January 1, 2021 approximate their fair values except for the following: XYZ, Inc. Carrying Fair Fair value amounts values adjustments (FVA) Inventory 23,000 31,000 8,000 Equipment (4 yrs. remaining life) 50,000 60,000 10,000 Accumulated depreciation (10,000) (12,000) (2,000) Totals 63,000 79,000 16,000 XYZ, Inc. declared and paid dividends of P10,000 during 2021. There was no impairment in goodwill. The year-end individual statements of profit or loss are shown below: Statements of profit or loss For the year ended December 31, 2021 ABC Co. XYZ, Inc. Sales 300,000 120,000 Cost of goods sold (165,000 (72,000) Gross profit 135,000 48,000 Depreciation expense (40,000) (10,000) Distribution costs (32,000) (18,000) Interest expense (3,000) Dividend income 8,000 Profit for the year 68,000 20,000 How much is the consolidated profit to be reported on December 31,2021