Problem D Mantis Corporation, a 80% owned company of Drax Corporation, sells inventory to its parent at 120% of cost, while Drax sells merchandise to Mantis Corporation at 125% of cost. Drax's ending inventories include merchandise acquired from Mantis of P 300,000 , while Mantis Corporation also reported ending inventories from Drax of P50,000. There is an upstream sale of land between Mantis and Drax that results to a gain of P200,000 from a selling price of P875,000. Also, there is a downstream sale of equipment between Mantis and Drax that results to a gain of P250,000 from a selling price of P900,000. The beginning inventory of the parent and subsidiary are P450,000, and P300,000, respectively. The ending inventory of the parent and subsidiary are P550,000, and P250,000, respectively. Land has a balance on the separate financial statements of Mantis and Drax at P1,340,000 and P1,070,000, respectively, while equipment at P2,000,000 and P1,807,000, respectively. 7. How much is the consolidated land for the end of the year? 8. How much is the consolidated inventory for the end of the year