Problem 7: Power Corporation acquired 70 percent of Silk Corporation's common stock on December 31, 2019. Balance sheet data for the two companies immediately following acquisition follow:

Item PowerSilk

CashP44,000P30,000

Accounts receivable110,00045,000

Inventory130,00070,000

Land80,000 25,000

Buildings and equipment500,000400,000

Less: Accumulated depreciation(223,000)(165,000)

Investment in Silk Corporation stock150,500

Total AssetsP791,500P405,000

Accounts payableP61,500P28,000

Taxes payable95,00037,000

Bonds payable280,000200,000

Common stock150,00050,000

Retained earnings205,00090,000

Total liabilities and stockholders' equityP791,500P405,000

After the date of business combination, the book values of Silk's net assets and liabilities approximated their fair value except for inventory, which had a fair value of P85,000, and land, which had a fair value of P45,000. The fair value of non-controlling interest was P64,500 on December 31, 2019. For each of the questions below, indicate the appropriate total that should appear in the consolidated balance sheet immediately after the business combination on the basis of full goodwill (fair value) approach.

Required: Determine the consolidated balances