Ponce Products, Inc. purchased 60 percent of the stock of Solis Cream Company on January 2, 2019 for P180,000. On that date Solis reported retained earnings of P100,000 and had P200,000 of stock outstanding. Ponce's retained earnings was P400,000 at acquisition. Ponce accounts for its investment in Solis under the cost method. The companies recorded the following results for 2019 and 2020: 2019: CI P70,000 and P35,000 for Ponce and Solis; Dividends paid 25,000 and 30,000 for Ponce and Solis. 2020: CI 90,000 for Ponce and 40,000 for Solis. Dividends paid 30,000 and 15,000 for Ponce and Solis respectively. What amount of consolidated Cl attributable to parent will be reported in 2020?

Select one:

a. P523,000

b. P525,000

c. P121,000

d. P105,000