Sheldon Corporation is a company involved in manufacturing cars. On January 1, 2018, the board of directors of the said company has decided to acquire the net asset of Nicholls Corporation and Robert Corporation, suppliers of materials they use in production. The merger is expected to result in producing higher quality cars with lower total cost. The deal was closed on February 29, 2018 and the following information was gathered from the books of the entities:

SHELDON NICHOLLS ROBERTS

Current assets P 1,375,000 P 390,000 P 260,000

Noncurrent asset 3,125,000 2,550,000 1,700,000

Total Assets P 4,500,000 P 2,940,000 P 1,960,000

Liabilities P 325,000 P 210,000 P 140,000

Common Stock,

Sheldon will issue 22,500 of its common stock in exchange for the net assets of Nicholls and 11,200 of its common stock in exchange for the net assets of Roberts. In addition, Sheldon will pay P150,000 to Nicholls. The fair value of Sheldon's shares is P150. In addition, the following adjustments should be made:

• Current assets of Sheldon, Nicholls and Roberts have a fair value of P1,500,000, P450,000 and P230,000 respectively
• Noncurrent assets have a fair value of P3,000,000, P2,150,000 and P1,975,000 for Sheldon, Nicholls and Roberts respectively.

Out of pocket costs of the combination were as follows:

Legal fees for the contract of business combination P 35,600

Audit fee for SEC registration of stock issue 90,000

Printing costs of stock certificates 14,500

Broker's fee 23,600

Accountant's fee for pre-acquisition audit 80,000

Other direct cost of acquisition 75,000

General and Allocated expenses 43,000

Listing fees in issuing new shares 36,000

Compute for the following balances in Sheldon Company's books immediately after merger:

1. Common stock
2. Additional paid in capital
3. Retained earnings
4. Liabilities
5. Assets.