The balance sheet of San Juanico Company as of December 31, 2022 is as follows: Assets Liabilities and Stockholders' Equity Cash P 175,000 Current liabilities P 250,000 Accounts receivable 250,000 Mortgage payable 450,000 Inventories 725,000 Common stock 200,000 Property, plant and Additional paid-in capital 400,000 equipment 950,000 Retained earnings 800,000 Total Assets 2,100,000 Total Liabilities and SHE 2,100,000 On December 31, 2022 the Sta. Fe, Inc. bought all of the outstanding stock of San Juanico Company for P1,800,000 cash. On the date of purchase, the fair market value of San Juanico's inventories was P675,000, while the fair value of San Juanico's property, plant and equipment was P1,100,000. The fair values of all other assets and liabilities of San Juanico Company were equal to their book values. 16. The consolidated balance sheet of Sta. Fe and San Juanico, after the acquisition of San Jacinto should reflect gain on acquisition in the amount of a. P300,000 b. P400,000 c. P500,000 d. Zero 17. Using the same information, the amount of gain on acquisition or goodwill recorded in the books of Sta. Fe amounted to: a. P300,000 b. P400,000 c. P500,000 d. Zero On June 30, 2020, Paul Co. acquired 80% of the outstanding shares of Saul Co. for P3,125,000. On this date Saul Co.'s net assets had book value of P5,000,000 but with a fair value of P4,062,500. The liabilities of Saul Co have a book and fair value of P250,000. Paul Co. paid P62,500 to a CPA- Lawyer who facilitated the combination. The fair value of the non-controlling interest on this date was P750,000. 18. Compute the goodwill (gain from bargain price) arising from the above combination a. P62.500 b. P75,000 c. P(62,500) d. P(125,000)