Problem 9. On January 1, 2016, P Co. purchased 80% of S Co.'s ordinary share for P620,000. At that date, all of $ Co.'s assets and liabilities had market value approximately equal to their book values and no goodwill was included in the purchase price. The following information was available for 2016: Income from own operations of P Co. - P150,000; Operating loss of S Co. - P20,000; Dividends paid in 2013 by P Co. - P75,000; Dividends paid by $ Co. to P Co. - P12,000. On July 1, 2016, there was a downstream sale of equipment at a gain of P25,000. The equipment is expected to have a remaining useful life of 10 years from the date of sale. Also, on January 1, 2016, there was an upstream sale of furniture at a loss of P7,500. The fumiture is expected to have a useful life of five years from the date of sale. NCI is measured at fair value